Cowbell has launched a new subsidiary to be known as Cowbell Specialty.
A statement from the firm said that the launch augments its current business model as Cowbell Specialty joins a reputed panel of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs.
Paired with Cowbell Re – the company’s reinsurance captive – Cowbell Specialty allows for additional flexibility and control in serving a fast-growing market with innovative solutions such as Adaptive Cyber Insurance, while enforcing best-in-class underwriting for unit-based profitability.
Jack Kudale, founder and CEO of Cowbell, said: “Today, our journey has set us up to lead the next wave of innovation in the cyber insurance industry.”
He added: “Adaptive Cyber Insurance is a major evolution for cyber insurance and with the launch of Cowbell Specialty, along with Cowbell Re, we gain the insurance footprint of a tech-enabled, full stack, high-growth insurer, giving us the flexibility to expand our business and innovate for the benefit of all our policyholders.”
The firm has also debuted its Adaptive Cyber Insurance, which it says bundles risk management tools and services with coverage so that policyholders are able to continuously address changes in the threat landscape. It said that the impact of Adaptive Cyber Insurance is already tangible across current Cowbell policyholders, where continuous risk assessment and risk engineering efforts have contributed to an overall 9 percentage point improvement of their risk profile as benchmarked against their industry peers.
Cowbell has been in the news a lot here on Reinsurance News. In August, the firm announced a partnership with Swiss Re and the launch of its products on Amwins’ Professional Lines portal. The firm also announced a bunch of news appointments, including Julia Cererroth as senior director of reinsurance, Matthew Jones as chief strategy officer, and Sean Park to its board of directors.
Adaptive Cyber Insurance will be available to businesses with up to $1bn of revenue with Cowbell Prime 1000 that will be available in Q1 2023.