Specialty insurance brokerage AmWINS Group insurance products and services, announced today the launch of a new dedicated excess facility designed to meet the rapidly growing demand for cyber liability insurance.
“With some domestic insurers exiting the product line, as well as revising their appetite away from retailers and large revenue companies, we recognize the need for increased cyber liability insurance capacity,” said James Drinkwater, president of AmWINS Brokerage. “This exclusive new product enables us to provide up to $100 million of excess cyber liability on a follow form basis.”
Higher limits, ease of use and large capacity help AmWINS fill a demand that has been exceeding supply. The traditional process of brokers approaching insurers and assembling quota share placements domestically has become increasingly burdensome.
“With an estimated 48-hour turnaround, AmWINS is able to handle what was once an inefficient process by syndicating the risk before the rush of an individual account placement,” said Drinkwater.
This new cyber liability product targets the North American market and is backed 100 percent by Lloyd’s of London paper.
Designed to provide additional large capacity, it does not interfere with retail insurance brokers’ efforts to secure capacity lower in the tower. Attachment points can be as low as $5 million, and there are no excluded classes or industries. Additional details of the slip include:
The product is available exclusively through AmWINS Brokerage’s financial services practice.
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