Cowbell Cyber and Palomar double-down amid explosive cyber insurance demand

Cowbell Cyber, provider of cyber insurance for small and medium-sized enterprises (SMEs), has expanded its agreement with Palomar Excess & Surplus Insurance Company to double underwriting capacity.

Cowbell is on a mission to rapidly renew and expand its insurance capacity partnerships to address the growing market demand for cyber insurance. With a network of 17,000 brokers across 3,00 agencies and monitored risk pool of 25 million US business, the company engages with its policyholders to implement better cybersecurity practices.

Palomar calls itself an “innovative insurer” focused on providing specialty insurance to residential and commercial customers.

The expansion of the partnership between Cowbell and  Palomar will double the available reinsurance capacity for Cowbell Prime 250, Cowbell’s cyber coverage for business with up to $250m in revenue. The agreement brings Cowbell’s total global reinsurance panel to 9 providers – including Cowbell Re.

Trent Cooksley, co-founder and COO at Cowbell Cyber, said, “This new multi-year contract with Palomar is an exciting next step as we continue to expand our innovative underwriting strategy while partnering in building a profitable insurance portfolio.

“We’ve made it our duty to help organisations become more secure by bundling, with our policies, resources that policyholders need to improve their cybersecurity standing and proactively remediate cyber exposures.”

Cowbell raised $100m in Series B funding earlier this year in a round led by Anthemis Group.

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