CHARLOTTE, N.C.--(BUSINESS WIRE)--AmWINS Group, Inc. (“AmWINS”), a global distributor of specialty insurance products and services, announced today the launch of a new dedicated excess facility designed to meet the rapidly growing demand for cyber liability insurance.
“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,” says James Drinkwater, president of AmWINS Brokerage. “This exclusive new product enables us to provide up to $100 million of excess cyber liability on a follow form basis.”
Higher limits, ease of use and large capacity help AmWINS fill a demand that has been exceeding supply. The traditional process of brokers approaching insurers and assembling quota share placements domestically has become increasingly burdensome.
“With an estimated 48-hour turnaround, AmWINS is able to handle what was once an inefficient process by syndicating the risk before the rush of an individual account placement,” says Drinkwater.
This new cyber liability product targets the North American market and is backed 100% by Lloyd’s of London paper. Designed to provide additional large capacity, it does not interfere with retail insurance brokers’ efforts to secure capacity lower in the tower. Attachment points can be as low as $5 million, and there are no excluded classes or industries. Additional details of the slip include:
- Policy is follow form of the underlying
- Competitive commissions
- The lead underwriter is responsible for the claims handling for the entire slip
- Additional capacity outside the slip may be available on an open market basis
The product is available exclusively through AmWINS Brokerage’s financial services practice.
About AmWINS Group, Inc.
Headquartered in Charlotte, North Carolina, AmWINS is a leader in the specialty insurance brokerage industry with offices in 98 locations across 17 countries, including 72 in the United States. The firm has expertise across a diversified mix of property, casualty, group benefits and specialty insurance products. AmWINS also offers value-added services to support its products, including product development, underwriting, premium/claims administration and actuarial services.
With more than 3,400 employees, AmWINS currently receives more than 675,000 submissions a year from retail insurance agents across the United States. AmWINS has twice been honored by the Charlotte Business Journal for being the region’s fastest growing company by dollar revenue growth, and it has become the industry’s largest specialty insurance distributor placing more than $10.8 billion in premium placements annually.
For more information, please visit amwins.com or any of the company’s social media pages, including Facebook, LinkedIn and Twitter.
