Facility provides up to $30 million in excess Bermuda capacity with novel claims enhancement
New York | April 9, 2024
Marsh, the world’s leading insurance broker and risk advisor, and a business of Marsh McLennan (NYSE:MMC), announced today the launch of CyberShore Bermuda, an exclusive, excess cyber insurance facility that provides Marsh clients with enhanced protection and a streamlined client experience.
CyberShore Bermuda provides up to $30 million in follow-form excess Bermuda capacity, attaching anywhere above $75 million. The facility features a first-of-its-kind claims enhancement, whereby the lead insurer controls claims handling, reducing negotiation time and ensuring a quick and consistent response. Additionally, clients have the option to purchase affirmative coverage for fines and penalties.
Commenting on the facility, Sarah Carr, Financial and Professional (FINPRO) and Cyber Placement Leader, Bowring Marsh Bermuda, said: “CyberShore Bermuda represents a pioneering solution in the Bermuda cyber market, further evidencing Marsh’s ability to deliver innovative products that ensure optimal terms for clients while enhancing efficiency in capacity, coverage, and claims management.”
Meredith Schnur, US and Canada Cyber Practice Leader, Marsh, added: “Marsh is committed to bringing new capacity and optionality to its clients when it comes to transferring their ever-evolving cyber risks to the insurance marketplace. The launch of CyberShore Bermuda closely follows the introduction of Cyber Echo Encore, Marsh’s global cyber facility, which offers clients up to $45 million in excess cyber capacity from London market insurers based outside of Lloyd’s.”
