Cowbell expands into US middle market

Cowbell expands into US middle market | Insurance Business America

Cyber

Cowbell expands into US middle market

Firm widens reach in response to growing risk landscape

Cyber

By
Terry Gangcuangco

SME cyber insurance provider Cowbell has expanded into the middle market in the US, seeking to serve businesses with up to $1 billion in annual revenue.

The expansion is backed by Chaucer Group, allowing US middle-market businesses to access $5 million in primary and excess limits through Cowbell’s Prime 250 Cyber and Prime Tech E&O (errors and omissions) products.

Additionally, policyholders will benefit from Cowbell’s on-demand risk management service Cowbell 365, while brokers will also be supported via Cowbell Academy.

According to Cowbell, its decision to target middle-market companies reflects the growth of the cyber risk landscape for this particular group of businesses.

Despite representing only 3% of US firms, middle-market organizations generate revenues of more than $10 trillion annually and employ a third of the private-sector workforce, based on National Center for the Middle Market data.

Cowbell’s enhanced offerings are tailored to support businesses with revenues between $250 million and $1 billion. Middle-market policyholders will receive personalized service, including an experienced underwriter for each account, cybersecurity services like Micropen testing, and 12 months of free cybersecurity training for employees.

Additional resources include threat assessments, executive-level security monitoring, and the guidance of a dedicated customer success director.

“America’s middle-market businesses are increasingly reliant on technology to deliver their services to customers,” said Piers Tuggey, head of cyber at Chaucer Group. “With the growing complexity of operations and the ever-changing cyber threat landscape, they’re also facing unprecedented exposure to cyber risks and, for them, more traditional offerings may fall short.