Cowbell launches excess cyber insurance on Obsidian paper

AI-powered insurtech focused on small to mid-sized enterprises Cowbell Cyber has launched an excess cyber insurance line, offering businesses up to $1 billion in revenue access to an additional $10 million in excess limits written on Obsidian Specialty's paper.

The new offering, called Prime Plus, complements Cowbell's flagship admitted programmes that are currently available in 35 US states targeted at businesses with up to $100 million and $250 million.

Prime Plus seeks to equip organisations with additional financial protection while giving them access to risk management services to assess, understand, and improve their risk profile.

The insurtech will now be able to serve 49 US states as it reports an increased interest in additional financial protection from businesses following a surge in cyber crimes in 2020.

"Cowbell now has increased flexibility to tailor solutions to help keep their clients' business protected," said Trent Cooksley, co-founder and COO at Cowbell Cyber. "Our team is also excited to be able to serve 49 states with outstanding cyber coverage as we start 2021."

Robert Hughes, vice president, brokerage and risk management at Apex Insurance Services, commented: "Excess coverage can rapidly lead to lengthy policy negotiations. We have been impressed by the team at Cowbell for their ability to rapidly perform risk assessment and due diligence on our clients while showing flexibility in offering excess terms."