US-domiciled cyber insurer Cowbell has extended its cyber insurance capabilities by now catering to mid-market businesses in the UK with an annual turnover of up to £1 billion.
Previously, the insurer only catered to small and medium-sized enterprises.
The cyber insurer is backed by A+ rated re/insurers, and officially entered the UK market in mid-2023 with the launch of its standalone AI-powered cyber insurance programme, Cowbell Prime One.
The extension of the scope of companies that can now get cyber security from Cowbell since the latest update has gone up to 99% of all UK-based businesses.
Simon Hughes, Vice President and General Manager, Cowbell UK, commented, “Our decision to expand cybersecurity coverage to companies with an annual turnover of up to £1 billion stems from the demand for advanced cybersecurity solutions we’ve observed in the mid-market segment, where the traditional InsurTech offerings often fall short. As cyber-attacks increase year-after-year, both in the UK and globally, business owners are often left guessing how to better protect their businesses against these pressing threats.
“By leveraging our proven track record, vast risk pool and innovative technology we’ll be able to safeguard not only SMEs, but also empower businesses with greater complexities, larger operations and serve a broader clientele. Through this expansion, Cowbell aims to educate and provide the best coverage options available to these business owners, closing the insurability gap. This in turn offers better outcomes for the economy and contributes to the resilience of the UK’s business landscape, ensuring that the UK’s SME and mid-market level organisations – which combined account for more than 99% of all UK private sector businesses – are equipped with the best cybersecurity tools.”
Cowbell’s commitment to enhancing businesses’ overall cybersecurity posture is further highlighted by its patented risk rating factors, Cowbell Factors.
The firm explains that Cowbell Factors is designed to develop insights for businesses that provide them with the ability to benchmark their IT risk against industry peers. The target audience for this offering is mid-market buyers and is expected to resonate well with Chief Risk Officers and businesses seeking to elevate their cybersecurity practices.
The coverage expansion comes after the significant growth the company has experienced since its UK launch.
This also included the addition of key team members, Catherine Aleppo, UK Sales Director and cyber specialist, Claud Bilbao, UK Underwriting Director and Simon Hughes, VP, General Manager.
Bilbao added, “Cowbell’s journey into the UK market has been nothing short of remarkable, engaging with hundreds of brokers across the country in a remarkably short period.
“As the London market base for Cowbell, I’m privileged to work closely with many of these brokers and am looking forward to bringing that experience and value in navigating the complexities of the industry to larger enterprises.”
