Monday 8th January, 2024 – London, UK – Leading cyber insurance provider Cowbell announced its cyber insurance solutions are extending their reach beyond small and medium-sized enterprises (SMEs), now catering for mid-market businesses with an annual turnover of up to £1 billion.
Backed by A+ rated (re)insurers, US-based Cowbell officially entered the UK market in mid-2023 with the launch of its standalone AI-powered cyber insurance programme, Cowbell Prime One.
Extending the availability of its market-leading cyber insurance policy to an even greater swathe of UK PLCs means that 99% of all UK-based businesses can now benefit from Cowbell’s data-driven technology and protection from cyber attacks.
Offering real-time underwriting, the intelligent and easy-to-use Cowbell platform allows brokers to customise robust cyber policies for unique risk exposures, covering diverse cyber incidents, including email scams, ransomware, and social engineering.
Simon Hughes, VP and General Manager for Cowbell UK, comments on the thinking behind the move: “Our decision to expand cybersecurity coverage to companies with an annual turnover of up to £1 billion stems from the demand for advanced cybersecurity solutions we’ve observed in the mid-market segment, where the traditional InsurTech offerings often fall short. As cyber attacks increase year-after-year, both in the UK and globally, business owners are often left guessing how to better protect their businesses against these pressing threats.
“By leveraging our proven track record, vast risk pool and innovative technology we’ll be able to safeguard not only SMEs, but also empower businesses with greater complexities, larger operations and serve a broader clientele. Through this expansion, Cowbell aims to educate and provide the best coverage options available to these business owners, closing the insurability gap. This in turn offers better outcomes for the economy and contributes to the resilience of the UK’s business landscape, ensuring that the UK’s SME and mid-market level organisations – which combined account for more than 99% of all UK private sector businesses – are equipped with the best cybersecurity tools.”
As well as leveraging its extensive and continuously monitored risk pool – comprising 35 million SMEs in the US, and 4.5 million SMEs and mid-market businesses in the UK – the company’s extensive data and insightful educational tools are shared with brokers in both regions, empowering them to engage in more informed discussions with their clients, and facilitate better understanding and assessment of cyber risk scenarios.
Cowbell’s commitment to enhancing businesses’ overall cybersecurity posture is further highlighted by its patented risk rating factors, Cowbell Factors; an offering not available by any other cyber insurance provider. By analysing and leveraging emerging real-time threats through its risk pool, Cowbell Factors is designed to develop insights for businesses that provides them the ability to benchmark their IT risk against industry peers. Cowbell Factors caters to the sophistication of mid-market buyers and is expected to resonate well with Chief Risk Officers and businesses seeking to elevate their cybersecurity practices.
The coverage expansion comes off the back of significant growth the company has experienced since its UK launch in August, which included the addition of key team members – UK Sales Director and cyber specialist Catherine Aleppo, UK Underwriting Director Claud Bilbao and VP, General Manager, Simon Hughes.
Claud Bilbao, UK Underwriting Director at Cowbell – who brings a wealth of underwriting experience to the table, particularly in dealing with multi-billion-pound businesses – elaborates on the firm’s UK success: “Cowbell’s journey into the UK market has been nothing short of remarkable, engaging with hundreds of brokers across the country in a remarkably short period. As the London market base for Cowbell, I’m privileged to work closely with many of these brokers and am looking forward to bringing that experience and value in navigating the complexities of the industry to larger enterprises.”
About Cowbell (UK)
Cowbell is a pioneer of Adaptive Cyber Insurance, a leader in providing businesses – from small and medium-sized enterprises (SMEs) to companies with up to £1 billion annual turnover – with coverage adaptable to today’s and tomorrow’s threats and the advanced warning of cyber risk exposures. In its unique AI-based approach in risk selection and pricing, Cowbell’s continuous underwriting platform, powered by its patented risk rating factors, Cowbell Factors – an offering not available with any other cyber insurance provider – compresses the insurance process from submission to issue in less than 5 minutes, and gives businesses with the ability to benchmark their IT security against industry peers.
Cowbell is backed by 20 prominent leading global (re)insurance partners and serves SMEs and mid-market companies in 50 U.S. states, the District of Columbia and the United Kingdom. Founded in 2019, Cowbell is based in the San Francisco Bay Area with employees across the U.S., Canada, India, and the U.K. For more information, please visit https://cowbell.insure/uk.
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