Marsh, a global insurance broker, and risk advisor has expanded its Cyber ECHO facility by adding a $25 million layer to the existing $100 million capacity. This enhancement increases the total excess cyber insurance coverage available to Marsh clients to $125 million, establishing it as the largest facility of its kind in the market.
The Cyber ECHO facility, underwritten by insurers at Lloyd’s of London, allows clients to access substantial capacity to manage complex cyber and technology risks across any territory licensed by Lloyd’s. This facility offers an efficient insurance placement process and a streamlined claims mechanism. The additional $25 million layer retains the same features as the original Cyber ECHO facility, including the option for clients to reinstate coverage at pre-agreed rates following a loss that depletes the limits.
“Cyber Threats”
Serena France-Hayhurst, UK Cyber Placement Leader at Marsh, stated: “As the severity, frequency, and financial impact of cyber threats continue to increase, organizations are seeking more comprehensive coverage options that go beyond what is available in the open market. The reinstatement of underlying limits and the added capacity from Cyber ECHO’s new layer provide clients with more confidence and flexibility, especially those with increased exposures or more complex operations, enhancing their overall cyber resilience strategies.”
In summary, Marsh has expanded its Cyber ECHO insurance facility by adding $25 million, increasing the total excess cyber insurance coverage to $125 million. This enhancement, supported by Lloyd’s of London, provides Marsh’s clients worldwide with increased capacity to address complex cyber and technology risks. The facility offers an efficient placement and claims process and includes options for clients to reinstate coverage at pre-agreed rates following a loss. This update aims to equip clients better to manage and mitigate the risks associated with the growing frequency and severity of cyber threats.
Source: Marsh enhances Cyber ECHO facility to provide up to $125 million of excess insurance capacity.
Other News: Marsh Bullish on Cyber Captives Despite Moderating Cyber Insurance Prices(Opens in a new browser tab).
