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 Collection 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, lengthen 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, notably 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 deal with the evolving complexities of cyber threat administration.
The worldwide price of cybercrime is estimated to succeed in $24 trillion by 2027, and ransomware assaults alone price small companies $1.7 million per incident on common.
Sierra Signorelli, CEO Business Insurance coverage at Zurich mentioned: “Cyber threats stay a significant concern for enterprise leaders because of their consistently evolving nature. To handle this, we proceed to put money into enhancing our cyber capabilities and constructing a powerful assist system for our prospects. Cowbell is a superb 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 concentrate on product growth, we’ll speed up our efforts to ship superior and environment friendly cyber insurance coverage options to SMEs and mid-market companies globally, making certain they’ve the safety and instruments they should navigate the rising threats within the evolving cyber panorama.”
Cowbell’s broker-first method and fame for its easy-to-use platform and efficient training expertise for the dealer neighborhood are gaining worldwide traction and belief, with licensed producer development of practically 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 carry higher 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 significant milestone in Cowbell’s fast-scaling journey, following a 12 months of fast geographic and product growth, technological development, and the onboarding of industry-heavyweight consultants, 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 neighborhood 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 challenge in lower than 5 minutes. Backed by 25 outstanding 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 is predicated within the San Francisco Bay Space and has workers throughout the U.S., Canada, India, and the U.Okay.
For extra info, 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 resembling those who promote wellbeing and improve local weather resilience. Reflecting its goal to ‘create a brighter future collectively,’ Zurich aspires to be one of the accountable and impactful companies on the planet. It’s focusing on net-zero emissions by 2050 and has the highest-possible ESG ranking from MSCI. In 2020, Zurich launched the Zurich Forest challenge to assist reforestation and biodiversity restoration in Brazil. The Group has about 60,000 workers and is headquartered in Zurich, Switzerland. Zurich Insurance coverage Group Ltd (ZURN), is listed on the SIX Swiss Trade and has a stage I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Additional info is offered at www.zurich.com.