Cowbell looks at future expansion and new product innovation following triple-digit UK growth.

LONDON, Oct. 10, 2024 /PRNewswire-PRWeb/ -- Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), reports significant growth across the region as it marks the first anniversary of its expansion into the UK.

Results show Cowbell's continued success in the region, with figures from between January and June 2024 alone highlighting a three fold uplift in premiums, policies and producers:

• 148% increase in UK insurance agents and brokers
• 351% growth in premiums
• 327% increase in policies issued.

Backed by A+ rated (re)insurers, Cowbell officially expanded into the UK in Q2 2023, with the launch of its standalone cyber insurance programme Cowbell Prime One in September, followed by the introduction of its cyber risk exchange marketplace, Cowbell Rx in October.

The company scaled further in January 2024 when it extended its cyber insurance coverage to mid-market businesses of up to £1bn turnover; a move that cemented its presence as a significant player in the UK cyber insurance space. Its success in the UK has led to this now being rolled out in the U.S. also.

Simon Hughes, SVP, Global Distribution for Cowbell, said: "Our swift expansion has been testament to our innovative approach, which brings speed, customisation, and efficiency to a market dominated by SMEs and mid-market enterprises. This success has given us a playbook that will inform the next phase of market, geographical and product expansion."

The last twelve months have also included the launch of Cowbell Academy in July 2024 - an educational platform with courses aimed at educating brokers on cyber threats and the benefits of cyber insurance - and a partnership with Acturis, allowing Cowbell to offer Prime One on its platform.

In addition, Cowbell has seen key developments in the UK-based team, with Claud Bilbao's promotion to RVP, Underwriting and Distribution in May 2024, and Simon Hughes' elevation from VP and General Manager to SVP, Global Distribution.

Despite the UK's cyber insurance landscape having shown an increasing demand for specialised products like Prime One, the latest Government statistics show 57% of UK businesses still have no form of cyber insurance, while cyber security breaches and attacks among businesses remain high and preparedness lacks. In the past 12 months, half of businesses (50%) reported having experienced some form of cyber security breach or attack - a figure even higher for medium businesses (70%) and large businesses (74%) - while just 31% of companies conducted cyber security risks assessments and only 18% have had training of awareness raising sessions on cyber security.

Going forwards, the UK remains a key focus within Cowbell's broader expansion plans, and its recent investment and partnership from Zurich will ensure continued product development and future international expansion. In the coming year, Cowbell will build on its success by introducing new technologies and has ambitions to move into a future that facilitates non-cyber products.

Reflecting on Cowbell's future in the UK, Cowbell founder and CEO Jack Kudale says: "The UK is a core component of our multi-tiered expansion strategy. Our work here not only strengthens our position in Europe, but also provides us with the foundation to continue expanding our footprint globally. With ongoing product innovations and our strong broker relationships, we are confident in the continued success of Cowbell UK."

Notes to Editor

About Cowbell (UK)

Cowbell is a pioneer of Adaptive Cyber Insurance, a leader in providing small and medium-sized enterprises (SMEs) coverage adaptable to today's and tomorrow's threats and the advanced warning of cyber risk exposures. In its unique AI-based approach in risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Cowbell is backed by 20 prominent leading global (re)insurance partners and serves SMEs in 50 U.S. states, the District of Columbia and the United Kingdom. Founded in 2019, Cowbell is based in the San Francisco Bay Area with employees across the U.S., Canada, India, and the U.K. For more information, please visit https://cowbell.insure/.

Media Contact

Jonathan Lenz, Cowbell, 44 07795374423, Cowbell@luminouspr.com, https://cowbell.insure/.

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SOURCE Cowbell