Antares’ Lloyd’s Syndicate 1274 supports a new aggressive cyberwarfare cover targeting U.S. critical infrastructure and essential service providers.
These include operators of electricity, water, gas and electricity infrastructure who have a clear and obvious need to be protected from hostile states and state-sponsored actions.
The wording, developed in conjunction with Canopius and approved by Lloyd’s, provides proactive cover and gives customers access to controlled, Lloyd’s-supervised risk management, with a set of aggregations set up between the line and each customer.
The language also addresses coverage uncertainty caused by attribution across the cyber market over the past decade, which arises from the difficulty of linking cyber attacks to specific hostile actors. By providing affirmative benefits, it reduces the likelihood of contentious attribution disputes when determining whether to pay a claim, providing customers with clarity when it matters most.
Nick Lang, cyber underwriter at Antares, said: “Cyber ​​insurance across the market has largely excluded the risk of war, and the difficulty of blaming an attack on a hostile nation (a requirement for war insurance to respond) leaves customers facing real underwriting uncertainty. As global tensions rise, there is a clear and obvious need for operators of essential services such as power, water, gas and electricity to provide protection against hostile nations and state-sponsored actions. We are pleased to support the insurance affirmative products overseen by Lloyd’s that provide them with the missing certainty.”
Martin Campbell, active underwriter at Antares Syndicate 1274, added: “We are delighted to support this initiative and help clients access the affirmative action cover they need for cyber warfare in the sectors that need it most. The partnership with Lloyd’s and Canopius once again demonstrates the world-class strength of our syndicated market in solving problems for clients with complex insurance needs.”
