Five Lloyd’s syndicates have introduced a new cyber insurance pooling arrangement offering excess-of-loss (XOL) capacity of up to US$20 million and adopts a lead-follow model that reduces administrative steps during placement.
Operating as the “Lloyd’s XOL Cyber Insurance Facility,” the structure includes Antares, Munich Re Specialty – Global Markets, Syndicate Asia, Newline, and Tokio Marine Kiln. The coverage includes cyber events and cyber-related property damage, with a minimum attachment point of US$10 million.
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The syndicates are using a coordinated co-insurance model, allowing any one participant to act as lead underwriter, with the rest following. This approach aims to reduce administrative complexity during placement. Claims will be managed through a single point of contact, with a lead claims manager working directly with the broker on each submission.
The participating entities hold financial strength ratings of A+ from S&P, AA- from Fitch, and A from A.M. Best.
The facility is based at Lloyd’s Asia and supported by a team that includes Cheryl Cheng (Antares), Winnie Chew (Munich Re), Jayrius Lai (Newline), and Georgie Furness-Smith (Tokio Marine Kiln). Each brings expertise in financial lines and cyber underwriting across regional and global markets.
The facility includes coverage for cyber property damage in addition to cyber risk, as stated in the summary of features. It was introduced on July 14 as part of Lloyd’s Asia’s cyber initiatives.
Can excess-of-loss pooling arrangements like this provide the consistency and scale needed in today’s cyber insurance market? Let us know your thoughts in the comments.
