Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), reports “significant growth” across the region as it marks the first year of its expansion into the United Kingdom.
Results show Insurtech Cowbell’s continued growth in the region, with figures from between January and June 2024 alone indicating 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 has now expanded into the United Kingdom in Q2 2023, with the introduction of its standalone / independent cyber insurance program Cowbell Prime One in September, which has reportedly been followed by the launch of its cyber risk exchange marketplace, Cowbell Rx in October.
The Insurtech firm also revealed that it has now 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.
As noted in the update, the Insurtech company’s “success” in the United Kingdom has led to this now being introduced in the US as well.
Simon Hughes, SVP, Global Distribution for Cowbell, said that their swift expansion has been testament to their innovative approach, which brings speed, “customization,” as well as greater “efficiency” to a market that is said to be dominated by SMEs and mid-market enterprises.
Simon added that this success has given them a playbook that will inform the next phase of market, “geographical and product expansion.”
The last 12 months have also included the launch of Cowbell Academy back in July 2024 – which is described as 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.”
Additionally, Cowbell says that it has seen various 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 specialized products such as 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.”
During the last 12 months, around 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 cybersecurity risks assessments and only 18% have had training of “awareness raising sessions on cyber security.”
Going forward, the United Kingdom remains a focus within Cowbell’s broader expansion plans, and its investment and partnership from Zurich will ensure product development as well as future global business expansion.
In the year ahead, Cowbell says that will aim to build on its progress by launching various new technologies and has plans to move into a future that facilitates “non-cyber products.”