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WTW Unveils Leading Cyber, Technology E&O Facility for International Clients

WTW Unveils Leading Cyber, Technology E&O Facility for International Clients

 


Global brokerage firm WTW has announced that it has launched an International CyCore Facility (ICF) targeting international clients based outside the UK and the US, with revenues of up to $1 billion (or currency equivalent).

According to WTW, ICF is a tailored solution that covers malicious acts, non-malicious acts and technical failures.

From what we understand, it covers cyber incident response costs, including legal advice, IT forensics, data and cyber restoration, as well as crisis communications costs and business interruption cover.

WTW also highlighted several other benefits of ICF, which include:

  • Increased limits: Up to US$20 million (or CCY equivalent) of primary coverage with a single primary insurer, which speeds up the quoting process.
  • Efficient provisioning: Simple information requests that ultimately reduce application time for customers.
  • Worldwide coverage: Using Lloyds' extensive licensing, ICF can provide secure protection across borders (subject to sanctions restrictions), but excluding companies based in the US and UK.
  • Shared risk strength: A panel of specialist Lloyds syndicates support the facility, providing shared risk capabilities and robust quota sharing arrangements.
  • WTW Proprietary wording. ICF uses WTW's proprietary wording to provide clarity to its clients.

Our annual D&O surveys consistently see cyber risk as a significant concern. Increasing investment in AI is also causing evolving cyber risks, so it is essential that we develop solutions that can meet the needs of customers in different territories,” commented Adrian Ruiz, Head of Cyber ​​Wholesale, WTW.

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“The evolving cyber risk environment creates the need for a clear, flexible and relevant solution that can adapt to the needs of our customers. ICF provides our international clients with access to extensive cyber coverage for both established and emerging cyber threats.

In their results for the fourth quarter of 2023, WTW posted 6% organic revenue growth to $2.91 billion, while net income for the period rose 5%, year-over-year, to $623 million.

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