Cowbell Cyber, the cyber insurance provider for small and medium-sized enterprises, has announced 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 agreement brings Cowbell’s total global reinsurance panel to 9 providers – including Cowbell Re.
Cowbell says it is renewing and expanding its insurance capacity partnerships to address the exploding market demand for cyber insurance while aggressively deploying innovative services to control losses.
Trent Cooksley, co-founder and COO at Cowbell Cyber, said: “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.”
“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 says it decreases claim severity by intervening immediately when cyber incidents get reported. This allows the company to keep reported claims under 2% across all programs since inception.
Jason Sears, EVP at Palomar, said: “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.”
“It is a testament that this was achievable through our combined efforts and the support of Gallagher Re on the placement.”