Zurich Insurance Group has invested in SME cyber insurance provider Cowbell via a $60 million Series C funding.
The equity investment will enable Cowbell to expand its operations and strengthen its cyber resilience services amid increased demand. The funds will also support the introduction of innovative products and boost strategic partnerships.
Cowbell plans to leverage advances in artificial intelligence and generative AI to enhance its technological infrastructure, thereby improving efficiencies and facilitating quicker decision-making for policyholders and brokers through traditional, digital, and API-driven (application programming interface) channels.
“Cyber threats remain a major concern for business leaders due to their constantly evolving nature,” said Sierra Signorelli, chief executive of commercial insurance at Zurich. “To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers.
“Cowbell is an excellent partner for managing cyber risks. They use a data-centric approach to risk management, provide continuous risk assessments, actively monitor threats, and have strong underwriting expertise. And all of this is centered around a highly advanced digital platform designed to boost cyber resilience for their customers.”
Cowbell founder and chief executive Jack Kudale (pictured left with co-founders Rajeev Gupta and Trent Cooksley) called the investment from Zurich “the strongest endorsement” so far of his firm’s vision and capabilities.
“With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape,” he stated.
According to Cowbell, the major backing comes on the heels of its rapid growth journey. To date, the business has raised a total of $202 million.
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