Cowbell Cyber has continued to build out the distribution of its SME-focused standalone admitted insurance program Prime with the platform now offering coverage of up to $15mn in 31 states across the US.
Its MGA Cowbell Insurance Agency is now licensed in 49 US states and the District of Columbia. Across its two programs – Prime 100 and Prime 250 – the platform is able to offer clients up to $15mn of cyber in 31 states.
Insurtech Cowbell launched in September last year having secured $3.3mn of seed funding from ManchesterStory Group, Holmes Murphy & Associates, Tri-Valley Ventures and the Global Insurance Accelerator.
Its first offering was Cowbell Prime 100 which offers limits of up to $5mn to small to medium enterprises. Prime 100 is offered through insurtech MGA Boost Insurance and its panel of reinsurers which includes Markel Global Reinsurance Company, Renaissance Re and Nephila Capital.
Then, in September, the company unveiled its Prime 250 program which offers 25 coverages in three packages on the paper of hybrid fronting carriers Obsidian Insurance Company and Benchmark Insurance Company with a panel of reinsurers behind them.
“Our goals are clear. We want to enable every business to identify, quantify and mitigate their cyber risks by not only offering financial protection through insurance but also giving them immediate access to insights and recommendations to reduce such risks,” said Trent Cooksley, Cowbell’s chief operating officer.
According to Pleasanton, California-based Cowbell, the surge in cybercrime, ransomware and social engineering attacks that has been witnessed this year as the world contends with the Covid-19 outbreak has highlighted the need for all businesses to have specialist cyber protection.
“It’s no longer ‘if’ but ‘when’ a business will face a cyber incident,” the company said in a statement.
“Because of this, Cowbell is aggressively responding to changing market demand for transparent, high value cyber insurance programs that not only provide financial protection but also enable policyholders to proactively manage cyber risks,” it added.