WTW, AXIS boost cyber facility with increased capacity and broader coverage

WTW has found additional capacity and new coverage options for the cyber broking facility, “CyXS”, launched back in January 2023, the broker has announced.

Capacity comes from the likes of Canopius and AXIS Capital, which is the lead underwriter.

New features for the facility are effective since April 1, 2024, WTW said, “designed to meet the dynamic needs of clients and keep ahead of market trends as cyber risks escalate”.

Primarily, WTW has increased the capacity of the CyXS facility, after client feedback.

Expanded coverage includes cyber-induced physical damage, becoming increasingly relevant as cyber exclusions become prevalent.

WTW said the facility’s enhancements include:

• increased capacity: the maximum capacity has been raised by 50%, from $50m 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: expanded reinstatement options to provide clients with flexibility and assurance of pre-negotiated capacity replenishment.

“Our 2024 Global Directors’ and Officers’ Survey underscores that cyber risk remains a top concern for directors globally,” said Glyn Thoms, head of GB finex, cyber and TMT, WTW.

“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,” he said.

Andy Maher, head of cyber and technology, London, AXIS Capital, added: “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.”