Marsh, an insurance broker and risk advisor, has expanded its existing $100m Cyber ECHO facility by an additional layer of $25m.
Cyber ECHO, which is available to Marsh clients worldwide, now provides up to $125m of excess cyber insurance cover and is said to be the largest facility of its type on the market.
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Underwritten by Lloyd’s of London insurers, Cyber ECHO provides Marsh clients worldwide with substantial capacity to manage complex cyber and technology risks across any territory where Lloyd’s is licensed.
The expansion of Cyber ECHO ensures clients have access to an efficient placement process and a streamlined claims mechanism.
The additional $25m layer retains the same benefits as the existing Cyber ECHO structure, including the option for clients to reinstate cover at pre-agreed rates after a loss that diminishes their limits.
Marsh UK Cyber Placement leader Serena France-Hayhurst said: “As the severity, frequency and financial impact of cyber threats continues to grow, organisations are seeking the broadest coverage options beyond what is available in the open market.
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By GlobalData“The reinstatement of underlying limits and surplus capacity through Cyber ECHO’s new layer offers greater confidence and optionality to clients with increased exposures or more complex operations, as part of their overall cyber resilience efforts.”
Marsh, which operates with more than 45,000 employees across more than 130 countries, delivers data-driven risk solutions and advisory services to both commercial and individual clients.
Marsh is part of Marsh McLennan, a global professional services company specialising in risk, strategy and people, with an annual revenue of $23bn.
Marsh McLennan supports clients through its four leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman.
Last month, Marsh introduced a new insurance facility aimed at digital asset custodians including financial institutions.
