Cowbell, a pioneering 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 dollar 1 billion, it was announced.
With capacity from of global specialty (re)insurance leader 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 dollar 5M primary and excess limits on Cowbell’s Prime 250 cyber and Prime Tech E&O products.
Risk management services
Customers will also have access to Cowbell 365, which offers on-demand risk management services
Customers will also have access to Cowbell 365, which offers on-demand risk management services, and Cowbell Academy, an e-learning centre 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 Centre 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 dollar 10 trillion in annual revenue.
Suite of policyholder services
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 market-pioneering 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 dollar 250M to dollar 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, individualised risk consultations, and 12 months of free cybersecurity awareness training for employees - valued at up to dollar 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.
Cybersecurity services
Piers Tuggey, Head of Cyber at Chaucer Group, says: “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 expansion announcement
Cowbell’s latest growth report comes after a successful track record serving SMEs
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 dollar 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.
Employee training programs
Trent Cooksley, Co-founder & Chief Operating Officer at Cowbell, says: “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.”
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