WTW boosts global cyber facility with increased capacity and broader coverage options

Rhea-AI Summary

WTW (NASDAQ: WTW) announces strategic enhancements to its global cyber facility, including increased capacity by 50% to 75 million USD/EUR/GBP, doubled insurer participation, new cyber physical damage cover, and enhanced restore options. The CyXS facility aims to stay ahead of cyber risks, reflecting a commitment to meeting client needs. The enhancements address the growing concern of cyber risk globally, offering comprehensive and adaptable solutions.

Positive

• Increased capacity by 50%, reflecting a commitment to meeting client needs
• Doubled insurer participation to enhance coverage options
• Introduction of cyber physical damage cover to address emerging cyber threats
• Enhanced restore options for increased flexibility and capacity replenishment

Negative

• None.

LONDON, May 08, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company, today announces strategic enhancements to its global cyber facility. Following a successful launch in January 2023, WTW’s CyXS facility, a global solution for excess cyber insurance coverage, has introduced new features, effective 1 April 2024, designed to meet the dynamic needs of clients and keep ahead of market trends as cyber risks escalate.

Key enhancements include:

• Increased capacity: the maximum capacity has been raised by 50%, from 50 million to 75 million USD/EUR/GBP in response to client feedback.
• Expanded insurer participation: the number of participating Lloyd’s insurers has doubled, increasing from 7 to 14
• NEW cyber physical damage cover: available as a standalone option or blended with traditional cyber coverage
• Enhanced CyXS restore options: further expanded reinstatement options to provide clients with flexibility and the assurance of pre-negotiated capacity replenishment

WTW has increased the capacity of the CyXS facility based on client feedback, reflecting a commitment to providing robust support for its global client base. The facility now also includes coverage for cyber-induced physical damage, which is becoming increasingly relevant as cyber exclusions become prevalent. Unlike static offerings in the market, WTW’s CyXS facility is designed with an agile approach to rapidly adapt to increasingly severe cyber threats, and not only meet but anticipate client needs.

Glyn Thoms, Head of GB Finex, Cyber and TMT at WTW, said: "Our 2024 Global Directors' and Officers’ Survey underscores that cyber risk remains a top concern for directors globally. The enhancements to the CyXS facility are a direct response to this concern, ensuring that we continue to lead with solutions that are not only comprehensive but also adaptable to the varied needs of our clients across different industries and regions."

Andy Maher, head of cyber and technology, London, AXIS Capital said: “We are very pleased to continue as a leader of the WTW CyXS facility, which harnesses some of the key values that Lloyd’s markets bring to the cyber insurance space, ensuring the class keeps pace with and anticipates our mutual customers’ needs.”

Michael Shen, head of cyber and technology, London market, Canopius added: “Our ongoing partnership with WTW enters its second year as a leader on the enhanced CyXS facility. We are proud to be part of this excess cyber insurance solution, as it expands to address a challenging cyber risk landscape and the evolving needs of clients."

CyXS stands out as a sophisticated solution in the realm of cyber insurance, specifically structured to help companies facing complex challenges strengthen their existing cyber risk insurance programs efficiently and effectively.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.

Media Contacts

Sarah Booker
Sarah.booker@wtwco.com / +44 (0)7917 722040

FAQ

What enhancements did WTW announce for its global cyber facility?

WTW announced increased capacity, doubled insurer participation, new cyber physical damage cover, and enhanced restore options for its global cyber facility.

When were the enhancements to WTW's global cyber facility effective?

The enhancements were effective from 1 April 2024.

What is the purpose of WTW's CyXS facility?

WTW's CyXS facility aims to provide excess cyber insurance coverage and stay ahead of market trends as cyber risks escalate.

Who commented on the enhancements to WTW's CyXS facility?

Glyn Thoms, Andy Maher, and Michael Shen provided positive feedback on the enhancements, highlighting the commitment to addressing cyber risk concerns globally.