Cowbell, a 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 recently.
With capacity from of global specialty (re)insurance provider 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 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, said their collaboration is about strengthening the cyber resilience for 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.”
Cowbell is a provider 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.”
