Cyber insurance specialist underwriting agency Emergence has released an excess of loss (XOL) policy.

Jeff Gonlin, Emergence’s Head of Underwriting & Product Development, said the launch followed market demand, driven by contractual obligations and clients seeking higher policy limits because of greater awareness of potential exposures.

Emergence can provide up to $10 million capacity on a primary basis through its online portal, but many companies seek higher limits.

Mr Gonlin said there was a growing appreciation of third-party risk, leading astute companies to scrutinise business partners from a cyber risk perspective, including requirements to carry cyber insurance.