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Member, Beacon International Group, Ltd.
Wholesale insurance distributors AmWINS Group Inc. has launched an excess facility to meet the demand for cyber liability insurance.
This is an alternative to the traditional practice of brokers approaching insurers and putting together quota share placements. “You could almost call this a prepackaged quota share” David Lewison, AmWINS financial services national practice leader said in an emailed statement Thursday.
“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,” James Drinkwater, president of AmWINS Brokerage said in a statement.
This cyber liability product is being offered to the North American market. It provides an additional large capacity. The attachment points can be as low as $5 million. No classes or industries are excluded, according to the AmWINS statement.
There are currently eight undisclosed Lloyd’s of London syndicates participating.
“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,” Mr. Drinkwater said in the statement. “This… product enables us to provide up to $100 million of excess cyber liability on a follow form basis.
A study by U.S.-based CSIdentity Corp. has found that 52% of small businesses in the United Kingdom are not taking any steps to protect themselves against cybercrime, reported Smallbusiness.co.uk.