Antares backs affirmative cyber war cover for US critical infrastructure
Re/insurer Antares has backed a new affirmative cyber war insurance product for US critical infrastructure providers, supporting a Lloyd’s-approved solution designed to remove uncertainty around coverage for state-backed cyber attacks.
The cover, supported by Antares’s Lloyd’s Syndicate 1274 and developed in conjunction with Canopius, has received Lloyd’s approval. It is aimed at operators of critical infrastructure, including power, water, gas and electricity providers, offering protection against hostile state and state-backed cyber attacks.
The wording provides affirmative cover with controlled exposure management overseen by Lloyd’s, including a set aggregate across the lineslip and per client.
According to Antares, the product is intended to reduce the coverage uncertainty created by the difficulty of attributing cyber attacks to hostile states, an issue that has complicated cyber war claims across the market over the past decade. By providing an affirmative grant of cover, the wording is designed to reduce the likelihood that disputed attribution determines whether a claim is paid.
Nick Lang (pictured), class underwriter for cyber at Antares, said: “Cyber cover across the market has broadly excluded war risks, and the difficulty of attributing an attack to a hostile state — a requirement for war cover to respond — has left clients facing real coverage uncertainty. With global tensions rising, operators of essential services such as power, water, gas and electricity have a clear and demonstrable need for protection against hostile state and state-backed action. We’re pleased to support a Lloyd’s-overseen affirmative product that gives them that certainty where it has been missing.”
Martin Campbell, active underwriter for Antares Syndicate 1274, said: “We’re delighted to support this initiative and to help give clients access to the affirmative cover they need for cyber war, in the sectors that need it most. Working alongside Lloyd’s and Canopius demonstrates once again the world-class problem-solving strengths of our syndicated market for clients with complex insurance needs.”
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