Cyber Insurance Funding: Cowbell Cyber Raises $100 Million
Cyber insurance provider Cowbell Cyber has raised $100 million in new funding, according to a prepared statement. Cowbell plans to increase its investments in data science, underwriting, risk engineering and claims management, expand its go-to-market channels and support its Cowbell Re reinsurance captive.
With the partnership, Trend Micro’s MSP partners and customers can use an all-digital application process to access Cowbell Cyber’s Prime 100 cyber insurance policies, the companies said. Meanwhile, Trend Micro and Cowbell are providing their mutual customers with real-time insights into risk exposures.
Cowbell also is working with Trend Micro to build deep technology integrations, the company indicated. These integrations may result in future insurance premium credits for Trend Micro customers.
A Closer Look at Cowbell Cyber
Cowbell offers standalone and individualized and cyber insurance for small and medium-sized enterprises (SMEs). It uses artificial intelligence to help organizations analyze their cyber risk and select appropriate cyber coverage. Furthermore, Cowbell leverages a continuous underwriting platform to compress the cyber insurance process from submission to issue to less than 5 minutes.
Cowbell has the largest cyber insurance distribution network in the United States, with more than 14,000 producers and has grown its monitored risk pool to more than 23 million businesses. The cyber insurer increased its gross written premium 40 times in 2021 and expects to triple its policyholder base in 2022.