Cowbell Cyber said it reached an agreement with Palomar Excess & Surplus Insurance Company to double the available reinsurance capacity for Cowbell Prime 250, Cowbell’s cyber coverage for businesses with up to $250 million in revenue.
The expanded relationship between the two companies brings Cowbell’s total global reinsurance panel to 9 providers – including Cowbell Re.
Cowbell said it is “rapidly renewing and expanding its insurance capacity partnerships to address the exploding market demand for cyber insurance while aggressively deploying innovative services to control losses.” with a network of 17,00 brokers across 3,000 agencies and a monitored risk pool of 25 million U.S. businesses, which is 78% of U.S. SMEs, according to Cowbell. Paired with its risk engineering services, Cowbell proactively engages with its policyholders to implement better cybersecurity practices.
“This new multi-year contract with Palomar is an exciting next step as we continue to expand our innovative underwriting strategy while partnering in building a profitable insurance portfolio,” said Trent Cooksley, co-founder and COO at Cowbell Cyber. “We’ve made it our duty to help organizations become more secure by bundling, with our policies, resources that policyholders need to improve their cybersecurity standing and proactively remediate cyber exposures.”
Cowbell’s in-house team of cyber claims experts contribute directly in minimizing claim severity by intervening immediately when cyber incidents get reported. This, along with Cowbell’s innovative services to control losses, allows the company to keep reported claims under 2% across all programs since inception.
“This expansion of the Program is significant in two ways – the increase in capacity from existing markets and the new markets that have joined in this very challenging environment,” said Jason Sears, EVP at Palomar. “It is a testament that this was achievable through our combined efforts and the support of Gallagher Re on the placement.”
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