US-based AmWINS Group has introduced a new cyber liability product, which is designed to meet the growing demand for cyber liability insurance.
Supported by Lloyd’s of London paper, the new cyber liability product is said to target the North American market.
AmWINS Brokerage president James Drinkwater said: "With some domestic insurers exiting the product line, as well as revising their appetite away from retailers and large revenue companies, we recognize the need for increased cyber liability insurance capacity.
"This exclusive new product enables us to provide up to $100m of excess cyber liability on a follow form basis."
According to the firm, the new product’s higher limits and large capacity offer a wide range of options for retail insurance agents and brokers.
The new product will not interfere with retail insurance brokers’ efforts to secure capacity lower in the tower and attachment points are as low as $5m, as well as there are no excluded classes or industries.
AmWINS Brokerage’s financial services practice will provide the new product for customers.
With around 98 locations across 17 countries, AmWINS offers a diversified mix of property, casualty, group benefits and specialty insurance products.
Image: AmWINS Brokerage president James Drinkwater. Photo: courtesy of Business Wire.