Marsh has introduced CyberShore Bermuda, a new excess cyber insurance facility offering clients up to US$30 million in follow-form excess capacity from Bermuda-based insurers. The facility is available for placements attaching above US$75 million.
The new facility is designed to simplify claims handling and enhance responsiveness, the global re/insurance brokerage says. It includes a claims feature in which the lead insurer is responsible for managing claims, aiming to reduce negotiation time and deliver a more consistent response.
Marsh says that clients under CyberShore Bermuda may also opt for affirmative coverage for regulatory fines and penalties. It is positioned as part of the company’s broader portfolio of cyber risk transfer solutions for large corporate clients facing increasingly complex exposures.
Meredith Schnur, US and Canada cyber practice leader at Marsh, said the new facility supports Marsh's broader strategy to expand capacity options for organizations navigating cyber risk.
The brokerage’s further expansion into cyber is in line with growth for the sector. In 2024, the global cyber insurance market experienced notable growth, with total premiums reaching approximately US$16.66 billion.
However, despite this growth, there are still many challenges in securing coverage. The increasing frequency and sophistication of cyber threats, including ransomware and data breaches, led insurers to reassess their underwriting criteria. This resulted in more stringent requirements for policyholders to demonstrate robust cybersecurity measures.
The expansion of privacy regulations, such as the SEC's mandatory disclosure rules for material cyber incidents, also heightened the potential liabilities for organizations. Insurers responded by adjusting policy terms and coverage limits to account for these increased risks.
CyberShore Bermuda follows the recent launch of Cyber Echo Encore, Marsh’s global cyber insurance offering, which provides up to US$45 million in excess cyber capacity through London market insurers operating outside of Lloyd’s.
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