Zurich-based Cowbell, a prominent provider of cyber insurance for small and medium-sized enterprises (SMEs), has recently secured a substantial $60 million Series C equity investment from Zurich Insurance Group. This significant investment will allow Cowbell to expand its operations to meet the increasing demand for cyber insurance, enhance its presence in key international markets, strengthen cyber resilience services, introduce innovative products to the market, and establish strategic partnerships. By harnessing the power of AI and GenerativeAI (GenAI), Cowbell aims to enhance its technological infrastructure to drive efficiencies and facilitate quicker decision-making for policyholders and brokers across traditional, digital, and API-driven channels.
Zurich’s decision to invest in Cowbell highlights its dedication to offering cutting-edge cyber protection and resilience solutions to businesses, especially in the SME and middle market segments, where cyber risks are more prevalent than ever. This investment aligns with Zurich’s strategic goal of leveraging top-notch technology and expertise to combat the evolving challenges of cyber risk management.
The global cost of cybercrime is projected to skyrocket to $24 trillion by 2027, with ransomware attacks alone costing small businesses an average of $1.7 million per incident. In light of these alarming statistics, businesses are increasingly aware of the urgent need for robust cyber insurance coverage to mitigate risks effectively.
Sierra Signorelli, CEO of Commercial Insurance at Zurich, emphasized the ongoing threat of cyber vulnerabilities and the importance of investing in advanced cyber capabilities to support customers effectively. She praised Cowbell for its data-centric risk management approach, continuous risk assessments, proactive threat monitoring, and robust underwriting expertise, all of which are integrated into a sophisticated digital platform designed to enhance cyber resilience for clients.
Jack Kudale, the founder and CEO of Cowbell, expressed his gratitude for Zurich’s investment, recognizing it as a validation of Cowbell’s vision and capabilities in the global cyber insurance market. He highlighted Cowbell’s commitment to expanding its product offerings to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses worldwide, equipping them with the necessary protection and tools to navigate the evolving cyber landscape.
Cowbell’s emphasis on a broker-first approach, coupled with its user-friendly platform and comprehensive education resources for brokers, has garnered widespread recognition and trust globally, leading to a threefold increase in licensed producer growth over the last two years. By reinvesting in advancements in AI and GenAI, Cowbell aims to enhance transparency in cyber risk assessment, enabling smarter decision-making and elevating cyber resilience standards for brokers and businesses globally.
This recent investment marks a significant milestone in Cowbell’s rapid expansion journey, following a year of substantial geographic and product growth, technological advancements, and the acquisition of top industry experts. These developments underscore Cowbell’s strong position in the global cyber insurance market and its unwavering commitment to protecting, educating, and empowering SMEs, mid-market businesses, and the broker community against current and future cyber threats.
With a total of $202 million raised to date, Cowbell has demonstrated financial efficiency throughout its growth trajectory, remaining steadfast in its mission to safeguard businesses and educate them about cyber risks. J.P. Morgan Securities LLC served as the financial advisor for this investment, while Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP provided legal counsel to Cowbell.
Cowbell, established in 2019 and headquartered in the San Francisco Bay Area, is a pioneer in Adaptive Cyber Insurance, offering adaptable coverage for SMEs to address present and future cyber threats. With its AI-driven risk selection and pricing approach, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, streamlines the insurance process from submission to issuance in under five minutes. Backed by 25 prominent global insurance partners, Cowbell operates in 50 U.S. states, the District of Columbia, and the United Kingdom, serving businesses with revenues up to $1B globally.
For more information about Cowbell, visit https://cowbell.insure/.
Zurich Insurance Group, a renowned multi-line insurer with a global presence, is dedicated to delivering insurance solutions and prevention services to individuals and businesses across over 200 countries and territories. With a focus on sustainability and social responsibility, Zurich aims to create a brighter future by promoting wellbeing, enhancing climate resilience, and achieving net-zero emissions by 2050. Headquartered in Zurich, Switzerland, Zurich Insurance Group is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ADR) program. For more information, visit www.zurich.com.