Cowbell has expanded its cyber insurance solutions to cater to mid-market businesses in the UK, with an annual turnover of up to £1 billion. This marks a significant extension from its original focus on small and medium-sized enterprises (SMEs).
The platform offers real-time underwriting, enabling brokers to tailor cyber policies to meet specific risk exposures. These policies cover a variety of cyber incidents, including email scams, ransomware, and social engineering.
Cowbell entered the UK market in mid-2023, launching its standalone, AI-powered cyber insurance programme, Cowbell Prime One. The expansion of its policy availability to a broader range of UK businesses implies that now 99% of all UK-based companies can access Cowbell's data-driven technology and cyberattack protection.
“Through this expansion, Cowbell aims to educate and provide the best coverage options available to these business owners, closing the insurability gap,” said Simon Hughes (pictured above), Cowbell UK vice president and general manager. “This in turn offers better outcomes for the economy and contributes to the resilience of the UK’s business landscape, ensuring that the UK's SME and mid-market level organisations – which combined account for more than 99% of all UK private sector businesses – are equipped with the best cybersecurity tools.”
The company utilises its extensive risk pool, which includes 35 million SMEs in the US and 4.5 million SMEs and mid-market businesses in the UK. Cowbell shares data and educational tools with brokers in both regions, aiding them in better understanding and assessing cyber risk scenarios.
Hughes said that the expansion into the mid-market sector is in response to a growing demand for sophisticated cybersecurity solutions. Hughes noted that with the rise in cyberattacks, both in the UK and globally, there is a need for more advanced protections, especially for businesses that face complex cybersecurity challenges.
“Cowbell's journey into the UK market has been nothing short of remarkable, engaging with hundreds of brokers across the country in a remarkably short period. As the London market base for Cowbell, I’m privileged to work closely with many of these brokers and am looking forward to bringing that experience and value in navigating the complexities of the industry to larger enterprises,” said Claud Bilbao, Cowbell UK underwriting director.
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