Cowbell has extended its cyber insurance offering to cover mid-market businesses in the UK, specifically those with an annual turnover of up to £1 billion. This represents a significant expansion from its original focus on small and medium-sized enterprises (SMEs).
The platform provides real-time underwriting capabilities, allowing brokers to tailor cyber policies to address specific risk exposures. These policies cover a range of cyber incidents, including email fraud, ransomware and social engineering.
The company entered the UK market in mid-2023 with the launch of its AI-powered cyber insurance programme, Cowbell Prime One, and has now extended the availability of its policies to a wider range of UK businesses. This means that 99% of all UK-based businesses can now access Cowbell’s data-driven technology and cyber attack protection.
Simon Hughes, Vice President and General Manager of Cowbell UK, emphasised the company’s aim to educate and provide business owners with the best coverage options through this expansion. He said: “This in turn provides better outcomes for the economy and contributes to the resilience of the UK’s business landscape by ensuring that the UK’s SME and mid-market organisations – which together account for more than 99% of all UK private sector businesses – are equipped with the best cyber security tools.”
Drawing on its extensive risk pool, which includes 35 million SMEs in the US and 4.5 million SME and mid-market businesses in the UK, Cowbell works with brokers by sharing data and educational tools. This helps brokers to better understand and assess cyber risk scenarios.
Hughes acknowledged the increased demand for sophisticated cyber security solutions in response to the growing frequency of cyber attacks globally and in the UK. He emphasised the need for advanced defences, particularly for organisations dealing with complex cybersecurity challenges.
Claud Bilbao, Cowbell UK Underwriting Director, expressed his enthusiasm for Cowbell’s journey into the UK market, highlighting the company’s engagement with numerous brokers. Bilbao looks forward to using this experience to add value in navigating the complexities of the industry for larger companies, particularly in the London market.
In related developments, specialist insurer Beazley recently completed its first 144A cyber catastrophe bond, securing $140 million of coverage.
