July 29, 2024 at 05:47PM
Cowbell, a cyber insurance provider for small and medium-sized enterprises, has secured a $60 million Series C equity investment from Zurich Insurance Group. This investment will support Cowbell’s expansion in international markets, strengthen cyber resilience services, and enhance partnerships. Zurich’s CEO praised Cowbell’s data-centric approach to cyber risk management and its advanced digital platform.
From the provided meeting notes, here are the key takeaways:
1. Cowbell, a provider of cyber insurance for SMEs, has secured a $60 million Series C equity investment from Zurich Insurance Group to scale operations, extend its presence in international markets, and introduce new products.
2. The investment aims to bolster cyber resilience services and leverage AI and GenerativeAI (GenAI) to drive efficiencies and support policyholder decision-making across traditional, digital, and API-driven channels.
3. Zurich’s investment reflects its commitment to supporting businesses with cyber protection and resilience solutions, particularly within the SME and middle market segments.
4. Cowbell’s CEO, Jack Kudale, views the investment as a strong endorsement of their capabilities and an opportunity to deliver advanced cyber insurance solutions to SMEs and mid-market businesses globally, in line with their vision.
5. The company will also focus on advancing its AI and GenAI capabilities to bring greater transparency to cyber risk, facilitating smarter decision-making and raising cyber resiliency standards for brokers and businesses worldwide.
6. Having raised $202 million to date, Cowbell has remained capital-efficient and is focused on protecting, educating, and empowering SMEs and the broker community from cyber threats.
7. Cowbell is a pioneer of Adaptive Cyber Insurance, with a unique AI-based approach in risk selection and pricing, compressing the insurance process from submission to issue in less than 5 minutes.
8. Zurich Insurance Group is a leading multi-line insurer targeting net-zero emissions by 2050 and has launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
For more information, please visit https://cowbell.insure/ and www.zurich.com.