AI-powered insurtech Cowbell Cyber has added an excess cyber coverage line, Prime Plus, that offers businesses with up to $1bn in revenue access to an additional $10mn in excess limits written on Obsidian Specialty’s paper.
Prime Plus provides insureds with financial protection as well as access to risk management services to assess and improve their risk profile.
The new offering is written on Obsidian’s AM Best A- rated paper and “backed by prominent reinsurance partners”, Cowbell said.
The excess line adds to Cowbell’s flagship admitted programs, Prime 100 and Prime 250, which are currently available in 35 states and targeted at businesses with up to $100mn and $250mn in revenues respectively.
Prime 250 was launched in September 2020 and offers 25 coverages in three packages on the paper of hybrid fronting carriers Obsidian and Trean’s Benchmark Insurance Company. Genstar-backed start-up Obsidian Insurance Company was launched in March 2020 with former Endurance executive Bill Jewett as CEO.
When announcing its new excess offering, Cowbell noted a surge in cyber crime in 2020, with 60 percent of businesses frequently requesting higher limits for cyber protection.
The insurtech’s release quoted Robert Hughes, vice president at wholesale broker, program administrator and underwriting manager Apex Insurance Services, as saying: “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.”
Trent Cooksley, co-founder and COO at Cowbell Cyber, highlighted the insurtech’s network of 3,000 agents and brokers.
“Cowbell now has increased flexibility to tailor solutions to help keep their clients’ business protected,” Cooksley said. “Our team is also excited to be able to serve 49 states with outstanding cyber coverage as we start 2021.”
Pleasanton, California-based Cowbell was launched in September 2019 with $3.3mn of seed funding from ManchesterStory Group, Holmes Murphy & Associates, Tri-Valley Ventures and the Global Insurance Accelerator. It provides small to mid-sized businesses with admitted cyber insurance with up to $15mn in coverage.