Marsh has launched a new excess cyber insurance facility in Bermuda that offers up to $30 million in coverage and a novel claims enhancement designed to streamline response times for clients.

The facility, called CyberShore Bermuda, provides follow-form excess capacity attaching anywhere above $75 million. It is being offered through Bowring Marsh Bermuda, Marsh’s wholesale broking arm. According to the company, the product is exclusive to Marsh clients and aims to reduce delays in claims handling by enabling the lead insurer to retain control over the process.

Sarah Carr, financial and professional and cyber placement leader at 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.”

In addition to streamlined claims handling, CyberShore Bermuda also gives clients the option to buy affirmative coverage for fines and penalties – an increasingly important feature with more regulatory scrutiny around data breaches and cyber incidents.

The facility follows the recent launch of Marsh’s Cyber Echo Encore, a global facility offering up to $45 million in excess cyber capacity from London market insurers.

“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,” said Meredith Schnur, US and Canada cyber practice leader at Marsh. “The launch of CyberShore Bermuda closely follows the introduction of Cyber Echo Encore.”