AI-powered cyber insurer Cowbell Cyber has announced the launch of a new insurance captive called Cowbell Re, which will help the firm address rising demand for cyber insurance with additional capacity.
It’s hoped that the launch of Cowbell Re will provide the company more flexibility as Cowbell Cyber continues its growth trajectory, while helping keep loss ratios at a low level.
The resources will be bundled at no charge in Cowbell’s cyber policies.
“Cowbell’s cyber insurance platform brought innovation, efficiencies, and robust cyber coverage to the market as we developed the industry’s largest cyber insurance distribution network,” said Jack Kudale, Founder and CEO at Cowbell Cyber.
“With the launch of Cowbell Re, we are directly taking on risk and reiterating our commitment to empower businesses to minimize cyber incidents.”
Cowbell Re currently has a growing distribution network of 2,000 agencies and 12,000 producers nationwide, and has grown its policyholder base by over 5,000% year-over-year, with the base also forecast to triple during the 2022 calendar year.
Last year, the firm also reached over $200 million in premium run-rate, with a risk pool of 21 million accounts covering 62% of US SMEs.