Cyber Insurance Leader Enters into Strategic Multi-Year Partnership with Palomar; Expands Reinsurance Panel with Support from Prominent Global Reinsurers
PLEASANTON, Calif. – October 06, 2021 – Cowbell® Cyber, the industry’s first AI-powered cyber insurance provider for small to medium enterprises (SMEs), continues its exceptional growth and rapid success. The company’s policyholder base grew 34 times since the beginning of the year while reported claims remained under 1%. Cowbell’s AI-assisted underwriting, leveraging a risk pool of 15 million U.S. businesses, combined with proactive risk management services, brings precision into risk selection, and proves the company’s effectiveness at steering policyholders away from cyber incidents.
Cowbell also announced a strategic partnership with Palomar Excess & Surplus Insurance Company to further enhance its innovative offerings on a non-admitted basis nationwide. The multi-year agreement with Palomar, backed by AM Best “A” rated or higher global reinsurance providers, adds to the current carriers and reinsurers already supporting Cowbell’s robust and diversified portfolio of standalone cyber insurance programs, extending distribution to businesses with up to $250 million in revenue with limits up to $5 million. 95% of property and casualty brokers are reporting an increased request for cyber coverage, according to the Council of Insurance Agents & Brokers. Cowbell Cyber aims to meet this demand, delivering Cowbell Prime 250 and Cowbell Prime Plus – Cowbell’s primary and excess insurance offerings – through its distribution network.
“Our partnership with Palomar diversifies our programs in non-admitted markets and further expands our capacity in support of our continued growth,” said Jack Kudale, founder and CEO at Cowbell Cyber. “Our momentum is powered by our 90+ employees who continuously show drive and passion to build the next generation of cyber insurance programs, and our growing network of more than 10,000 appointed agents and brokers who trust Cowbell to deliver robust and relevant cyber coverage to their clients.”
Cowbell’s distribution scale and its end-to-end digital process which brings unprecedented speed into the policy issuance process have allowed the company to achieve premium growth of 27 times since the beginning of the year, making it the fastest-growing cyber insurance provider in an industry projected to reach a value of more than $20B by 2025. In recent past, the company also:
- United cybersecurity giants with insurance with the launch of Cowbell Rx, the industry’s first cyber risk marketplace.
- Launched the industry’s first distribution APIs for instant cyber insurance quoting and policy issuance.
- Extended its partner program to Managed Security Service Providers (MSSPs), a first-of-its-kind program providing MSSPs access to Cowbell Factors™, Cowbell Insights™ and the AI-powered risk intelligence that anchors Cowbell’s precise underwriting.
- Introduced MOO®, its AI-based underwriting bot assistant, which immediately responds to zero-day supply chain threats and helps policyholders with remediation efforts. MOO also eliminates repetitive or data-driven tasks in the rating, quoting and binding processes.
“Our partnership with Cowbell is a validation of Palomar’s efforts to expand into new geographies and product categories through our E&S subsidiary,” said Mac Armstrong, Chairman and CEO of Palomar Holdings (NASDAQ: PLMR). “This is also the first deal we have executed through the company’s new PLMR-FRONT business unit, which launched in September. We have been impressed with Cowbell’s ability to leverage data and technology to capitalize on changing market dynamics while still providing sound underwriting and elevated risk management.”
Agencies can visit https://cowbell.insure/for-agencies/ to get appointed with Cowbell Cyber and learn more about all available standalone cyber insurance programs.
About Cowbell Cyber
Cowbell Cyber provides standalone, admitted individualized, and easy-to-understand cyber insurance for small and mid-size enterprises. In its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia and provides SMEs with up to $5 Million in standalone coverage. For more information, please visit www.cowbell.insure.
Lumina Communications for Cowbell Cyber