PLEASANTON, Calif., Sept. 24, 2024 – Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses, is expanding its capacity to underwrite businesses with an annual revenue of up to $1 billion, it was announced today.
With capacity from of global specialty (re)insurance leader Chaucer Group, America’s middle-market businesses – who continue to battle with the increasingly complex world of cyber risks and technology errors and omissions (E&O) – will now be able to benefit from $5M primary and excess limits on Cowbell’s Prime 250 cyber and Prime Tech E&O products. Customers will also have access to Cowbell 365, which offers on-demand risk management services, and Cowbell Academy, an e-learning center for brokers.
Cowbell’s decision to expand into the middle market is a direct response to the growing cyber risk landscape for businesses of this size.
According to the National Center for the middle-market, middle-market companies represent only 3% of US businesses, yet are responsible for providing one-third of private sector jobs and generating more than $10 trillion in annual revenue.
These companies, however, are often underprepared for cyber threats; 24% of mid-sized firms say they have suffered a cyberattack in the last 12 months, while 61% lacked dedicated cybersecurity personnel, according to reports.
As well as extending the availability of its market-leading cyber insurance offerings beyond SMEs, the firm has also built a refined suite of policyholder services both in-house and with the help of new partners, designed to support the complex needs of businesses with $250M to $1B in annual revenue. Middle-market policyholders will benefit from:
- An experienced and responsive underwriter assigned to every account, offering Select Services and collaboration. A range of cybersecurity services, including Micropen testing, individualized risk consultations, and 12 months of free cybersecurity awareness training for employees – valued at up to $40,000 depending on company size.
- Strengthened cyber resilience managed intelligence packages that may include, but are not limited to, company-level threat assessments, executive-level security monitoring and protection, a dedicated customer success director and RFI and report package subscriptions.
Piers Tuggey, Head of Cyber at Chaucer Group, says: “America’s middle-market businesses are increasingly reliant on technology to deliver their services to customers. With the growing complexity of operations and the ever-changing cyber threat landscape, they’re also facing unprecedented exposure to cyber risks and for them, more traditional offerings may fall short. Our partnership with Cowbell will help customers access the most suitable, and robust packages of tailored cybersecurity services. This collaboration is about strengthening the cyber resilience for a segment of companies that provide a huge proportion of US private sector jobs and GDP.”
Aiming to contribute to the resilience of the American business landscape, Cowbell’s latest expansion announcement comes after a successful track record serving SMEs and follows the successful £1 billion playbook developed over the past year in the UK.
As well as leveraging its extensive and continuously monitored risk pool – comprising 45 million US- and UK-based SMEs, with up to $1B in annual revenue – 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.
Trent Cooksley, Co-founder & Chief Operating Officer at Cowbell, says:: “By leveraging our proven track record, vast risk pool and innovative technology Cowbell will be able to strengthen the cyber resilience of not only SMEs, but also businesses with greater complexities and larger operations. But this is also about relationship-building, collaboration, and trust – we’re committed to helping brokers and their clients recognize the full scope of benefits that we bring to the table, whether it’s savings on employee training programs or having a dedicated, responsive underwriting partner who provides transparent communication and tailored solutions.”
About Cowbell
Cowbell is a pioneer of Adaptive Cyber Insurance, leading the way in providing small and medium-sized enterprises (SMEs) and middle-market businesses with coverage adaptable to today’s and tomorrow’s threats and the advanced warning of cyber risk exposures. With its unique AI-based approach in risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Backed by 25 prominent global (re)insurance partners, Cowbell serves SMEs across 50 U.S. states, the District of Columbia, and the United Kingdom, assessing businesses with revenues up to $1B globally. Founded in 2019, Cowbell is based in the San Francisco Bay Area and has employees across the U.S., Canada, India, and the U.K.
For more information, please visit https://cowbell.insure/.
