Cowbell, an SME cyber insurance provider, celebrated its first anniversary in the UK by reporting impressive triple-digit growth across key metrics. A company press release noted that since expanding into the region in 2023, Cowbell has seen a 351% increase in premiums, a 327% rise in policies issued, and a 148% growth in its network of UK insurance agents and brokers.
This success follows the launch of Cowbell’s standalone cyber insurance, Cowbell Prime One, in September 2023, and its cyber risk exchange marketplace, Cowbell Rx, the following month. By January 2024, Cowbell expanded its coverage to mid-market businesses with turnovers up to £1 billion. The growth in the UK has prompted a similar rollout in the U.S.
Simon Hughes, SVP of Global Distribution, credits Cowbell’s rapid growth to its innovative approach. “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,” Hughes said. “This success has given us a playbook that will inform the next phase of market, geographical, and product expansion.”
“Empower Businesses”
In addition to market growth, Cowbell launched Cowbell Academy in July 2024 to educate brokers on cyber threats and the benefits of cyber insurance. Hughes emphasized Cowbell’s mission to protect UK businesses amid rising cyberattacks, with government data revealing 50% of businesses experienced a breach in the past year, yet 57% lack cyber insurance. “Through our educational efforts, our underwriting and quote technology, risk pool, and API capabilities, our aim is to both empower businesses and make it significantly easier for UK brokers to transact small to mid-market cyber business,” Hughes added.
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Cowbell plans to introduce new technologies, expand into non-cyber products, and strengthen its global footprint, with the UK remaining a crucial part of its expansion strategy. Reflecting on the company’s ambitions, CEO Jack Kudale said, “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.”
Source: Cowbell marks first year in UK with triple-digit growth.
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