Cowbell celebrates a year of UK growth
Cowbell, which provides 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.
The company said that results show its continued success in the region, with figures from between January and June 2024 alone highlighting a three fold uplift in premiums, policies and producers: a 148% increase in UK insurance agents and brokers; a 351% growth in premiums; and a 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 £1 billion turnover; a move that it said cemented its presence as a player in the UK cyber insurance space. Its success in the UK has led to this now being rolled out in the US also.
Simon Hughes, senior vice president 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 a statement Cowbell said: “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.”
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