- UK success alongside Zurich partnership has formed a new market playbook for future international expansion
- Prime One growth over the last year has Cowbell looking at new product innovation within the next 12 months
Thursday 10th October, 2024: – Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), reports significant growth across the region as it marks the first anniversary of its expansion into the UK.
Results show Cowbell’s continued success in the region, with figures from between January and June 2024 alone highlighting a three fold uplift in premiums, policies and producers:
- 148% increase in UK insurance agents and brokers
- 351% growth in premiums
- 327% increase in policies issued.
Backed by A+ rated (re)insurers, Cowbell officially expanded into the UK in Q2 2023, with the launch of its standalone cyber insurance programme Cowbell Prime One in September, followed by the introduction of its cyber risk exchange marketplace, Cowbell Rx in October.
The company scaled further in January 2024 when it extended its cyber insurance coverage to mid-market businesses of up to £1bn turnover; a move that cemented its presence as a significant player in the UK cyber insurance space. Its success in the UK has led to this now being rolled out in the U.S. also.
Simon Hughes, SVP, Global Distribution for Cowbell, said: “Our swift expansion has been testament to our innovative approach, which brings speed, customisation, and efficiency to a market dominated by SMEs and mid-market enterprises. This success has given us a playbook that will inform the next phase of market, geographical and product expansion.”
The last twelve months have also included the launch of Cowbell Academy in July 2024 – an educational platform with courses aimed at educating brokers on cyber threats and the benefits of cyber insurance – and a partnership with Acturis, allowing Cowbell to offer Prime One on its platform.
In addition, Cowbell has seen key developments in the UK-based team, with Claud Bilbao’s promotion to RVP, Underwriting and Distribution in May 2024, and Simon Hughes’ elevation from VP and General Manager to SVP, Global Distribution.
Despite the UK’s cyber insurance landscape having shown an increasing demand for specialised products like Prime One, the latest Government statistics show 57% of UK businesses still have no form of cyber insurance, while cyber security breaches and attacks among businesses remain high and preparedness lacks. In the past 12 months, half of businesses (50%) reported having experienced some form of cyber security breach or attack – a figure even higher for medium businesses (70%) and large businesses (74%) – while just 31% of companies conducted cyber security risks assessments and only 18% have had training of awareness raising sessions on cyber security.
Simon Hughes continues: “Cowbell has a mission to both educate and protect UK businesses from the ever-evolving threat landscape. Through our educational efforts, our underwriting and quote technology, risk pool, and API capabilities, our aim is to both empower businesses and make it significantly easier for UK brokers to transact small to mid-market cyber business.”
Going forwards, the UK remains a key focus within Cowbell’s broader expansion plans, and its recent investment and partnership from Zurich will ensure continued product development and future international expansion. In the coming year, Cowbell will build on its success by introducing new technologies and has ambitions to move into a future that facilitates non-cyber products.
Reflecting on Cowbell’s future in the UK, Cowbell founder and CEO Jack Kudale says: “The UK is a core component of our multi-tiered expansion strategy. Our work here not only strengthens our position in Europe, but also provides us with the foundation to continue expanding our footprint globally. With ongoing product innovations and our strong broker relationships, we are confident in the continued success of Cowbell UK.”