XL Catlin’s insurance operations in the UK today announced the extension of its Casualty insurance offering to include a cyber solution.
The endorsement – which is designed for mid-sized and large companies that don’t require a stand-alone cyber solution – is offered as an extension to general liability policies.
The extension is available to a wide range of industry sectors and has a limit of £5 million. It covers the risks associated with data management, data safety, the impact of a network breach and the various costs that may derive from a cyber incident, using a combination of third-party liability and first-party losses coverages.
James Tuplin, head of cyber & technology, media and telecoms – International Financial Lines, explains: “Companies around the world are increasingly vulnerable to targeted cyber-attacks. We regularly speak to companies that record thousands of attacks every year – sometimes every month.
“Yet many UK organisations – particularly smaller companies with limited resources – still have some way to go in terms of measuring and quantifying their cyber liabilities. And in our experience, this is preventing many of them from transferring the risk to the insurance market.”
Andrew Farmer, senior casualty underwriter, insurance, adds: “We have introduced this endorsement specifically for clients that have not previously bought cyber insurance. Our expert underwriters have a well-defined and straightforward survey for clients to understand their cyber exposures, which helps first-time buyers access this coverage.
This extension complements XL Catlin’s existing stand-alone Cyber & Data Protection policy, managed by its International Financial Lines team.
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About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
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