Markets/Coverages: WTW Launches Primary Cyber, Tech E&O Facility for Int’l Clients

Insurance broker WTW has launched a cyber solution aimed at international clients headquartered outside of Great Britain and the United States with revenues up to US$1 billion (or the equivalent currency).

The International CyCore Facility (ICF) is a tailored solution which covers malicious acts, non-malicious acts and technical failures. It provides cyber incident response costs including legal advice, IT forensics, data and cyber restoration as well as crisis communication costs and business interruption cover.

Other key benefits of ICF include:

• Increased limits. Up to US$20 million (or currency equivalent) in primary coverage with a single lead insurer which expedites the quoting process.
• Efficient underwriting. Streamlined information requirements reduce the application time for clients.
• Worldwide coverage. Utilizing Lloyd’s extensive licensing, the ICF provides assured protection across borders (subject to sanction limitations) but excluding organisations headquartered in the US &GB.
• Shared risk strength. A panel of specialized Lloyd’s syndicates back the facility, offering shared risk capabilities and robust quota share arrangements.
• WTW proprietary wording. The ICF utilizes WTW proprietary wording to provide clarity for clients.

“Our annual D&O surveys consistently see cyber risk as a significant concern. The increased investment in AI is also causing emerging cyber risks so it’s essential that we develop solutions which can meet the needs of clients in different territories,” commented Adrian Ruiz, head of Wholesale Cyber, WTW.

“The evolving cyber risk environment creates a need for a clear, flexible and relevant solution which can be tailored to our client needs. The ICF offers our international clients access to extensive cyber coverage for both established and emerging cyber threats,” Ruiz said.

Source: WTW