Cowbell Announces Launch of Cowbell Specialty Insurance Company
Today, Cowbell announced the launch of Cowbell Specialty Insurance Company, its subsidiary, and Adaptive Cyber Insurance—a dynamic approach to insuring the rapidly evolving cyber risks that businesses face. Both projects are major milestones for the company, which has worked hard to change the face of cyber insurance and technology in insurance.
Cowbell’s founder and CEO, Jack Kudale, emphasized the significance of this milestone, stating that three years ago, they launched the insurance industry’s first-ever continuous underwriting platform. This platform matched insurance threats to risk exposures to prevent losses after cyberattacks, aligning insurable threats with risk exposures for the first time. Today, Cowbell is poised to lead the next wave of innovation in the cyber insurance industry.
Adaptive Cyber Insurance
With Cowbell’s Adaptive Cyber Insurance, cyber coverage transitions from static to adaptable to threats. Policies can now be adjusted more frequently to address the evolving cyber risks faced by policyholders, ensuring coverage gaps are avoided and renewal terms are clear throughout the policy period. This empowers policyholders to enhance their organization’s cyber risk profile, mitigating potential financial losses or reputational damage.
Cowbell Specialty
The introduction of Cowbell Specialty enhances Cowbell’s existing business model, as it becomes part of a panel of 15 carriers and reinsurers supporting Cowbell Prime cyber insurance programs. Coupled with Cowbell Re, the company’s captive reinsurance entity, Cowbell Specialty enhances flexibility and control to cater to a rapidly-growing market with innovative solutions like Adaptive Cyber Insurance, while upholding superior underwriting standards for profitability.
Kudale expressed his excitement about the advancements, noting that Adaptive Cyber Insurance represents a significant leap forward in cyber insurance. With the launch of Cowbell Specialty and Cowbell Re, the company now possesses the insurance footprint of a tech-enabled, full-stack, high-growth insurer, enabling them to explore new opportunities for the benefit of all policyholders.
Cowbell Prime 1000
Cowbell Prime 1000, set to be available in the first quarter of 2023, will offer businesses with up to $1 billion in sales adaptive insurance solutions tailored to their specific needs.
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