PRESS RELEASE
PLEASANTON, Calif., and ZURICH, July 26, 2024 /PRNewswire/ — Cowbell, a number one supplier of cyber insurance coverage for small and medium-sized enterprises (SMEs), introduced in the present day that it has closed a $60 million Sequence C fairness funding from Zurich Insurance coverage Group (Zurich), a number one international multi-line insurer.
With the $60 million funding, Cowbell plans to scale operations to fulfill rising demand, prolong its presence in key worldwide markets, bolster cyber resilience companies, introduce new cutting-edge merchandise to the market, and additional strengthen strategic partnerships. Leveraging present advances in AI and GenerativeAI (GenAI), the corporate goals to broaden its technological infrastructure to drive additional efficiencies and assist expedited policyholder and dealer decision-making throughout conventional, digital and API-driven channels.
Zurich’s funding in Cowbell underscores its dedication to supporting companies with state-of-the-art cyber safety and resilience options, significantly inside the SME and center market segments, the place corporations are uncovered to cyber threat greater than ever. It additionally aligns with Zurich’s ambition to leverage best-in-class know-how and experience to handle the evolving complexities of cyber threat administration.
The worldwide value of cybercrime is estimated to succeed in $24 trillion by 2027, and ransomware assaults alone value small companies $1.7 million per incident on common.
Sierra Signorelli, CEO Business Insurance coverage at Zurich mentioned: “Cyber threats stay a serious concern for enterprise leaders attributable to their continuously evolving nature. To deal with this, we proceed to put money into enhancing our cyber capabilities and constructing a robust assist system for our prospects. Cowbell is a wonderful accomplice for managing cyber dangers. They use a data-centric method to threat administration, present steady threat assessments, actively monitor threats, and have robust underwriting experience. And all of that is centered round a extremely superior digital platform designed to spice up cyber resilience for his or her prospects.”
Jack Kudale, founder and CEO, Cowbell mentioned, “This funding from Zurich is the strongest endorsement of Cowbell’s imaginative and prescient and capabilities but and deepens our footprint within the international cyber insurance coverage market. With a refined deal with product enlargement, we are going to speed up our efforts to ship superior and environment friendly cyber insurance coverage options to SMEs and mid-market companies globally, guaranteeing they’ve the safety and instruments they should navigate the rising threats within the evolving cyber panorama.”
Cowbell’s broker-first method and status for its easy-to-use platform and efficient schooling expertise for the dealer group are gaining worldwide traction and belief, with licensed producer progress of almost 3x during the last two years. With higher outcomes for patrons at its core, reinvestment again into the enterprise will see Cowbell double down on developments in AI and GenAI to convey better transparency to cyber threat. In doing so, Cowbell will facilitate smarter decision-making and lift cyber resiliency requirements for brokers and companies worldwide.
This newest funding marks a serious milestone in Cowbell’s fast-scaling journey, following a yr of speedy geographic and product enlargement, technological progress, and the onboarding of industry-heavyweight specialists, additional solidifying its place within the international cyber insurance coverage market.
With $202 million raised to-date, Cowbell has remained capital-efficient all through its journey. Cowbell has remained steadfast in its clear imaginative and prescient to guard, educate and empower SMEs and mid-market companies, and the dealer group serving them – from in the present day’s and tomorrow’s threats.
J.P. Morgan Securities LLC acted as monetary advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP offered authorized counsel to Cowbell on this transaction.
About Cowbell
Cowbell is a pioneer of Adaptive Cyber Insurance coverage, main the best way in offering small and medium-sized enterprises (SMEs) with protection adaptable to in the present day’s and tomorrow’s threats and the superior warning of cyber threat exposures. With its distinctive AI-based method in threat choice and pricing, Cowbell’s steady underwriting platform, powered by Cowbell Components, compresses the insurance coverage course of from submission to subject in lower than 5 minutes. Backed by 25 distinguished international (re)insurance coverage companions, Cowbell serves SMEs throughout 50 U.S. states, the District of Columbia, and the United Kingdom, assessing companies with revenues as much as $1Bglobally. Based in 2019, Cowbell relies within the San Francisco Bay Space and has staff throughout the U.S., Canada, India, and the U.Ok.
For extra data, please go to https://cowbell.insure/.
About Zurich Insurance coverage Group
Zurich Insurance coverage Group (Zurich) is a number one multi-line insurer serving folks and companies in additional than 200 nations and territories. Based 150 years in the past, Zurich is reworking insurance coverage. Along with offering insurance coverage safety, Zurich is more and more providing prevention companies similar to people who promote wellbeing and improve local weather resilience. Reflecting its objective to ‘create a brighter future collectively,’ Zurich aspires to be one of the vital accountable and impactful companies on this planet. It’s concentrating on net-zero emissions by 2050 and has the highest-possible ESG score from MSCI. In 2020, Zurich launched the Zurich Forest mission to assist reforestation and biodiversity restoration in Brazil. The Group has about 60,000 staff and is headquartered in Zurich, Switzerland. Zurich Insurance coverage Group Ltd (ZURN), is listed on the SIX Swiss Trade and has a degree I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Additional data is accessible at www.zurich.com.
