SME cyber insurance provider Cowbell has expanded into the middle market in the US, seeking to serve businesses with up to $1 billion in annual revenue.
The expansion is backed by Chaucer Group, allowing US middle-market businesses to access $5 million in primary and excess limits through Cowbell’s Prime 250 Cyber and Prime Tech E&O (errors and omissions) products.
Additionally, policyholders will benefit from Cowbell’s on-demand risk management service Cowbell 365, while brokers will also be supported via Cowbell Academy.
According to Cowbell, its decision to target middle-market companies reflects the growth of the cyber risk landscape for this particular group of businesses.
Despite representing only 3% of US firms, middle-market organizations generate revenues of more than $10 trillion annually and employ a third of the private-sector workforce, based on National Center for the Middle Market data.
Many remain vulnerable, however, with 24% of mid-sized companies reporting cyberattacks in the last year, while 61% lacked dedicated cybersecurity personnel.
Cowbell’s enhanced offerings are tailored to support businesses with revenues between $250 million and $1 billion. Middle-market policyholders will receive personalized service, including an experienced underwriter for each account, cybersecurity services like Micropen testing, and 12 months of free cybersecurity training for employees.
Additional resources include threat assessments, executive-level security monitoring, and the guidance of a dedicated customer success director.
“America’s middle-market businesses are increasingly reliant on technology to deliver their services to customers,” said Piers Tuggey, head of cyber at Chaucer Group. “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.”
Cowbell’s expansion into the middle market follows a successful model previously implemented in the UK, where it targeted businesses with up to $1 billion in revenue.
Trent Cooksley (pictured), Cowbell’s co-founder and chief operating officer, noted: “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 recognize the full scope of benefits that we bring to the table.”
What do you think about this story? Share your thoughts in the comments below.
