Cowbell Cyber, a provider of cyber insurance for small and medium-sized enterprises, recently announced the addition of Julia Cederroth as senior director of reinsurance.
This new position “empowers policyholders by helping to build cyber resiliency and close insurability gaps as part of Cowbell’s reinsurance solutions.”
Prior to joining Cowbell, Cederroth “served as vice president and cyber treaty broker at Gallagher Re as a member of the Global Treaty Broking team and Cyber Center of Excellence.”
Cederroth specialized in sourcing capacity “for complex treaties, developing data-driven insights such as market benchmarking to elucidate the unique opportunities cyber presents to re/insurers and capital providers alike.”
Before joining Gallagher Re, Cederroth “acted as associate director at Aon Reinsurance Solutions and senior consultant at Aon Inpoint, where she became a trusted strategic advisor to a diverse range of carrier clients.”
Cederroth stated:
“Cowbell values its partnerships – including high levels of engagement and transparency with re/insurers. I see Cowbell’s attentiveness to adapt to policyholders’ evolving cyber exposures as benefiting our current and potential reinsurers. Beyond proactively empowering insureds to reduce cyber incidents, the data generated within Cowbell’s platform can be analyzed at the portfolio level in ways we’re not accustomed to seeing in cyber. After years of feedback from clients and underwriters facing this aggregation challenge, I look forward to working with trading partners that share our enthusiasm for signaling a new era in cyber insurance.”
Cowbell co-founder and COO Trent Cooksley added:
“We look forward to Julia’s expertise and help in deepening relationships with the reinsurer community while continuing to innovate with cyber insurance programs that serve our targeted market within our robust product suite,”
Cederroth is a veteran of the insurance industry. She reportedly “brings ten years of experience as a cyber consultant and enterprise risk management specialist in the financial services sector, built upon her foundational training at UBS and Deloitte Consulting.” She holds a B.S. “with high honors in business and technology from Stevens Institute of Technology.”
Cowbell’s closed-loop approach to risk management – Assess, Insure, Improve, Respond – “bolsters the company’s aggressive loss control strategy, along with its precision in underwriting.”
The resources, bundled at no charge in Cowbell’s cyber policies, “help empower businesses to proactively eliminate risk exposures.”
To date, Cowbell’s policyholder base has “grown over 5,000% year-over-year and is forecasted to triple during the 2022 calendar year.”
As noted in the update, Cowbell claims it is “signaling a new era in cyber insurance by harnessing technology and data to provide small and medium-sized enterprises (SMEs) with advanced warning of cyber risk exposures bundled with cyber insurance coverage adaptable to today and tomorrow’s threats.”
In its 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. Cowbell Reinsurance Company is a licensed insurance captive in the State of Vermont. For more information, please visit www.cowbell.insure.”
Earlier this month, it was reported that Cowbell Cyber entered a partnership with Swiss Re in order “to bring expertly designed cyber insurance coverages to enterprises with up to $750 million in revenue who are building their digital footprint on Amazon Web Services (AWS).”
Cloud adoption “continues on its rapid adoption trajectory, fueled by the new reality of remote and hybrid work.”
As enterprises digitize their operations, “embracing a cloud-first approach has become the new norm for any business that desires a competitive advantage at speed.”
With worldwide spending on public cloud services forecasted to grow more than 20% and reach $494.7 billion, Cowbell and Swiss Re have “combined their respective cyber risk expertise – insurance provision by Cowbell and risk monitoring technology developed by Swiss Re – to bring tailored coverages to organizations running in cloud environments.”
