WTW launches cyber product aimed at Bermuda market

Re/insurance broker WTW has launched a new cyber insurance product targeted towards large enterprises in the Bermuda market. 

WTW said CyProtect Bermuda is a cutting-edge solution for financial, professional and executive risks, “revolutionising” the quote-to-policy process. 

The company said the product delivers fortified coverage, streamlined processes, and exclusive advantages to shield corporations from the cyber threat landscape.

“With a modernised slip format, this innovative cyber product delivers exclusive affirmative punitive damages cover tailored for the Bermuda market,” WTW said. “WTW's in-house administration services deliver efficiency through a cost- effective, original solution. With WTW Bermuda administering both the quote and slip for clients, CyProtect also has a nominal 1.5% Bermuda brokerage fee. 

“WTW Bermuda's optimised process includes integrating arbitration and jurisdiction elements for enhanced clarity and an option for additional comprehensive coverage against regulatory fines and penalties.”

"CyProtect Bermuda embodies a robust safeguard for our clients, reinforcing our commitment to providing cutting-edge solutions for cyber insurance," said Tommy Edwards, Head of Cyber, FINEX, Bermuda, WTW. "This innovative solution is meticulously crafted to fortify enterprises against evolving cyber threats, offering a tailored defence finely attuned to the unique attributes of the Bermuda insurance marketplace."