Cowbell Doubles Underwriting Capacity Under Multi-Year Program Agreement with Palomar
Agreement Expands Cowbell’s Reinsurance Panel to 9 Leading Global Reinsurers
PLEASANTON, Calif., July 7, 2022 /PRNewswire/ — Cyber Cowbellthe leader in cyber insurance for small and medium-sized enterprises (SMEs), today announced an agreement with Palomar Excess & Surplus Insurance Company. The expansion of Cowbell’s relationship with Palomar doubles the reinsurance capacity available to Cowbell Prime 250Cowbell’s cyber coverage for businesses up to $250 million In income. The deal brings Cowbell’s total global reinsurance panel to 9 providers – including Cowbell Re.
Cowbell is rapidly renewing and expanding its insurance capacity partnerships to meet exploding cyberinsurance market demand while aggressively deploying innovative services to control losses. The company achieves this through its strong network of 17,000 brokers in 3,000 branches and a monitored risk pool of 25 million US companies (78% of US SMEs). Coupled with its risk engineering services, Cowbell proactively engages with its policyholders to implement cybersecurity best 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 of Cowbell Cyber. “We are committed to helping organizations become more secure by bundling, with our policies, the resources policyholders need to improve their cybersecurity posture and proactively address cyber exposures.”
Cowbell’s in-house team of IT claims adjusters directly contributes to minimizing the severity of claims by responding immediately when cyber incidents are reported. This, coupled with Cowbell’s innovative loss control services, has enabled the company to keep reported claims below 2% across all programs since inception.
“This expansion of the program is significant in two respects: the increased capacity of existing markets and the new markets that have joined in this very challenging environment,” said Jason Sear, EVP at Palomar. “This is proof that this was possible through our combined efforts and the support of Gallagher Re on location.”
“Cowbell is a centerpiece of our PLMR-FRONT initiative,” said mac amstrongChairman of the Board of Palomar Holdings, Inc. We are excited to partner with the Cowbell team and a panel of premier reinsurers to tackle the dynamic and growing cyber market.
To learn more about all that Cowbell has to offer, visit https://cowbell.insure/
About Cowbell Cyber
Cowbell signals a new era in cyber insurance by leveraging technology and data to provide small and medium-sized enterprises (SMBs) with advanced warning of cyber risk exposures, coupled with cyber insurance coverage adaptable to the threats of today and tomorrows. In its unique AI-powered approach to risk selection and pricing, Cowbell’s Continuous Underwriting Platform, powered by Cowbell Factors, reduces the insurance process from submission to issuance to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 US states and the District of Colombia. Cowbell Reinsurance Company is a captive insurance company licensed in the state of vermont. For more information, please visit www.cowbell.insure.
Lumina Communications for Cowbell Cyber
SOURCE Cowbell Cyber