Markets/Coverages: Marsh Expands Cyber Insurance Facility With $45M of Extra Capacity

Marsh, the insurance brokerage business of Marsh McLennan, announced the launch of Cyber Echo Encore, an enhancement to its existing Cyber Echo insurance facility.

The facility’s enhancement provides Marsh clients with the option to access up to $45 million in new cyber insurance capacity.

Underwritten by London market insurers based outside Lloyd’s, Marsh said that Cyber Echo Encore provides clients around the world with greater choice around capital and coverage, while maintaining the simplified access and placement of Marsh Cyber Echo.

Launched in 2016, Cyber Echo is the largest facility of its kind in the market, offering Marsh clients up to $125 million of cyber insurance cover, the broker said. Since its launch, Cyber Echo has provided nearly $50 billion of cover to approximately 500 Marsh clients globally.

Cyber Echo Encore expands the scope of Cyber Echo beyond the Lloyd’s market while maintaining key features such as streamlined underwriting, placement, and claims handling, as well as the ability to reinstate cover after a loss within an underwriting year.

“As cyber threats continue to grow, companies are looking for standalone cyber insurance that enables them to manage their evolving and sometimes complex risk profiles more effectively,” commented Serena France-Hayhurst, Marsh’s UK cyber placement leader.

“Marsh Cyber Echo is the most successful and widely utilized cyber insurance facility in the world and we are committed to developing new solutions that help clients better manage their cyber risks,” France-Hayhurst added. “Cyber Echo Encore is a natural evolution in the provision of cyber insurance and offers clients even greater optionality and flexibility to manage their cyber insurance programs.”

Source: Marsh

Topics Cyber