Hiscox expands cyber offering with launch of ILW
Global insurer Hiscox has announced the launch of a new cyber industry loss warranty (ILW). The new product responds to an aggregation of cyber losses throughout the year and helps address the uncertainty around cyber tail risk for reinsurers, according to the firm. This allows the ILW to act as a hedging mechanism for cyber underwriters. ILWs are common within the property reinsurance and retro markets, but, according to Hiscox, this is the first that responds specifically to cyber losses.