AI-powered cyber insurer Cowbell Cyber gained fronted reinsurance capacity via a new strategic partnership with Palomar Excess & Surplus Insurance Company.
Palomar announced earlier this month that it was entering the fronting sector of the US market with a new venture called PLMR-FRONT.
This new multi-year agreement with Cowbell is backed by AM Best “A” rated or higher global reinsurance providers, and will add to the current carriers and reinsurers already supporting Cowbell’s portfolio of standalone cyber insurance programs.
“Our partnership with Palomar diversifies our programs in non-admitted markets and further expands our capacity in support of our continued growth,” said Jack Kudale, founder and CEO at Cowbell Cyber.
“Our momentum is powered by our 90+ employees who continuously show drive and passion to build the next generation of cyber insurance programs, and our growing network of more than 10,000 appointed agents and brokers who trust Cowbell to deliver robust and relevant cyber coverage to their clients.”
“Our partnership with Cowbell is a validation of Palomar’s efforts to expand into new geographies and product categories through our E&S subsidiary,” added Mac Armstrong, Chairman and CEO of Palomar Holdings.
“This is also the first deal we have executed through the company’s new PLMR-FRONT business unit, which launched in September. We have been impressed with Cowbell’s ability to leverage data and technology to capitalize on changing market dynamics while still providing sound underwriting and elevated risk management.”
Palomar’s fronting team is targeting opportunities across multiple lines of business where it believes traditional insurance is difficult to source, with product lines including cyber, non-standard auto, trucking, warranty and workers compensation.