Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs) and middle-market businesses, has expanded its capacity to underwrite companies with annual revenues of up to $1bn.
This expansion is made possible through a collaboration with Chaucer Group, a global specialty (re)insurance leader, aiming to strengthen cyber resilience for American middle-market businesses.
The decision to extend coverage to middle-market firms stems from the growing complexity of cyber risks faced by businesses in this segment.
Many mid-sized businesses, which represent 3% of US companies but contribute to one-third of private sector jobs and over $10tn in annual revenue, are often underprepared to handle cyber threats.
Cowbell specialises in providing cyber insurance solutions tailored to SMEs and middle-market companies.
By leveraging its proprietary risk pool, which includes 45m US and UK-based SMEs, Cowbell delivers cyber insurance policies that empower companies to manage risks effectively, backed by educational tools and resources for brokers.
The newly expanded product offering, which includes Cowbell’s Prime 250 Cyber and Prime Tech E&O products, will allow middle-market businesses to access up to $5m in primary and excess limits. This will be coupled with Cowbell 365, an on-demand risk management service, and Cowbell Academy, an e-learning platform for brokers.
With this product expansion, middle-market businesses can expect enhanced services, such as personalised underwriting support, a range of cybersecurity services including micropen testing and risk consultations, and 12 months of free cybersecurity awareness training for employees.
These features are designed to help firms manage their growing cyber risks while benefiting from Cowbell’s extensive data-driven approach to risk management.
Piers Tuggey, head of cyber at Chaucer Group, commented on the collaboration, stating, “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.”
Cowbell’s co-founder and chief operating officer, Trent Cooksley, highlighted the significance of the company’s expanding reach, stating, “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 recognise 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.”
This expansion is part of Cowbell’s continued effort to bolster cybersecurity for American businesses, following its success with SMEs and a proven playbook developed in the UK.
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