Cowbell doubles cyber underwriting capacity to tackle ‘exploding’ demand

Cowbell Cyber, a provider of artificial intelligence-powered cyber insurance to small and medium enterprises (SMEs), has doubled its underwriting capacity through a multi-year programme agreement with US specialty insurer Palomar.

Cowbell has entered into an agreement with Palomar Excess & Surplus Insurance Company. The expansion of its relationship with Palomar doubles the available reinsurance capacity for Cowbell Prime 250, Cowbell’s cyber coverage for businesses with up to $250 million in revenue. The agreement brings Cowbell’s total global reinsurance panel to 9 providers – including Cowbell Re.

Cowbell said it is rapidly renewing and expanding its insurance capacity partnerships to address the “exploding market demand for cyber insurance” while aggressively deploying innovative services to control losses.

The company boasts a network of 17,000 brokers across 3,000 agencies and monitored risk pool of 25 million U.S. businesses (78% of U.S. SMEs). Paired with its risk engineering services, Cowbell engages with its policyholders to implement better cybersecurity practices.

“This new multi-year contract with Palomar is an exciting next step as we continue to expand our innovative underwriting strategy while partnering in building a profitable insurance portfolio,” said Trent Cooksley, co-founder and COO at Cowbell Cyber. “We’ve made it our duty to help organisations become more secure by bundling, with our policies, resources that policyholders need to improve their cybersecurity standing and proactively remediate cyber exposures.”

Jason Sears, EVP at Palomar, added: “This expansion of the Programme is significant in two ways- the increase in capacity from existing markets and the new markets that have joined in this very challenging environment. It is a testament that this was achievable through our combined efforts and the support of Gallagher Re on the placement.”

Mac Armstrong, chairman of the board at Palomar Holdings, said: “Cowbell is a centerpiece of our PLMR-FRONT initiative. We are thrilled to partner with the Cowbell team and a best in class panel of reinsurers to attack the dynamic and growing cyber market.”