Following its successful launch in January 2023, the updates aim to address the evolving needs of clients and anticipate market trends amid growing cyber risks.

The key enhancements include:

• Increased Capacity: In response to client feedback, the facility’s maximum capacity has been raised by 50%, from 50 million to 75 million USD/EUR/GBP.
• Expanded Insurer Participation: The number of participating Lloyd’s insurers has doubled, increasing from seven to 14.
• Cyber Physical Damage Coverage: A new option for cyber-induced physical damage coverage is now available either as a standalone policy or blended with traditional cyber insurance.
• Enhanced CyXS Restore Options: Expanded reinstatement options provide clients with greater flexibility and the security of pre-negotiated capacity replenishment.

WTW’s enhancements to the CyXS facility reflect its commitment to offering comprehensive support to its global client base. The inclusion of coverage for cyber-induced physical damage addresses a growing concern as cyber exclusions become more common in the industry. Unlike other static market offerings, WTW’s CyXS facility adopts an agile approach, allowing it to swiftly adapt to escalating cyber threats and proactively 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.”