Cowbell Cyber Inc has formed a new captive, Cowbell Re, to provide additional capacity to help address the growing demand for cyber insurance in 2022. As an artificial intelligence (AI)-powered cyber insurance provider for small and medium enterprises (SMEs), Cowbell Cyber observed more than US$200 million in premium run-rate in 2021, driven by its AI-assisted underwriting. This modern underwriting is supported by data, AI and the cyber insurance industry’s largest risk pool, which comprises 21 million accounts covering 62 per cent of US SMEs. As a licensed insurance captive in the state of Vermont, Cowbell Re will help policyholders to build cyber resiliency and close insurability gaps. The captive will also provide more flexibility for companies to address their loss control strategy and underwriting precision. Jack Kudale, founder and CEO at Cowbell Cyber, explains: “Cowbell’s cyber insurance platform brought innovation, efficiencies, and robust cyber coverage to the market as we developed the industry’s largest cyber insurance distribution network. “With the launch of Cowbell Re, we are directly taking on risk and reiterating our commitment to empower businesses to minimise cyber incidents.”
