Cowbell Rings Up $60 Million

<p><b>PLEASANTON&comma; CA&comma; and ZURICH&comma; Switzerland <&sol;b>– Cowbell&comma; a leading provider of cyber insurance for small and medium-sized enterprises &lpar;SMEs&rpar;&comma; has closed a &dollar;60 million Series C equity investment from Zurich Insurance Group &lpar;Zurich&rpar;&comma; a leading global multi-line insurer&period;<&sol;p>&NewLine;<p>With the &dollar;60 million investment&comma; Cowbell plans to scale operations to meet growing demand&comma; extend its presence in key international markets&comma; bolster cyber resilience services&comma; introduce new cutting-edge products to the market&comma; and further strengthen strategic partnerships&period; Leveraging existing advances in AI and GenerativeAI &lpar;GenAI&rpar;&comma; the company aims to expand its technological infrastructure to drive further efficiencies and support expedited policyholder and broker decision-making across traditional&comma; digital and API-driven channels&period;<&sol;p>&NewLine;<p>Zurich’s investment in Cowbell underscores its commitment to supporting businesses with state-of-the-art cyber protection and resilience solutions&comma; particularly within the SME and middle market segments&comma; where companies are exposed to cyber risk more than ever&period; It also aligns with Zurich’s ambition to leverage best-in-class technology and expertise to address the evolving complexities of cyber risk management&period;<&sol;p>&NewLine;<p>The global cost of cybercrime is estimated to reach<a href&equals;"https&colon;&sol;&sol;www&period;weforum&period;org&sol;agenda&sol;2024&sol;01&sol;cybersecurity-cybercrime-system-safety&sol;"> &dollar;24 trillion by 2027<&sol;a>&comma; and ransomware attacks alone cost small businesses &dollar;1&period;7 million per incident<a href&equals;"https&colon;&sol;&sol;assets&period;sophos&period;com&sol;X24WTUEQ&sol;at&sol;9brgj5n44hqvgsp5f5bqcps&sol;sophos-state-of-ransomware-2024-wp&period;pdf" data-lf-fd-inspected-ywvko4xm0nxaz6bj&equals;"true"> on average<&sol;a>&period;<&sol;p>&NewLine;<p>Sierra Signorelli&comma; CEO Commercial Insurance at Zurich said&colon; &OpenCurlyDoubleQuote;Cyber threats remain a major concern for business leaders due to their constantly evolving nature&period; To address this&comma; we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers&period; Cowbell is an excellent partner for managing cyber risks&period; They use a data-centric approach to risk management&comma; provide continuous risk assessments&comma; actively monitor threats&comma; and have strong underwriting expertise&period; And all of this is centered around a highly advanced digital platform designed to boost cyber resilience for their customers&period;”<&sol;p>&NewLine;<p>Jack Kudale&comma; founder and CEO&comma; Cowbell said&comma; &OpenCurlyDoubleQuote;This investment from Zurich is the strongest endorsement of Cowbell’s vision and capabilities yet and deepens our footprint in the global cyber insurance market&period; With a refined focus on product expansion&comma; we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally&comma; ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape&period;”<&sol;p>&NewLine;<p>Cowbell’s broker-first approach and reputation for its easy-to-use platform and effective education experience for the broker community are gaining worldwide traction and trust&comma; with licensed producer growth of nearly 3x over the last two years&period; With better outcomes for customers at its core&comma; reinvestment back into the business will see Cowbell double down on advancements in AI and GenAI to bring greater transparency to cyber risk&period; In doing so&comma; Cowbell will facilitate smarter decision-making and raise cyber resiliency standards for brokers and businesses worldwide&period;<&sol;p>&NewLine;<p>This latest investment marks a major milestone in Cowbell’s fast-scaling journey&comma; following a year of rapid geographic and product expansion&comma; technological growth&comma; and the onboarding of industry-heavyweight experts&comma; further solidifying its position in the global cyber insurance market&period;<&sol;p>&NewLine;<p>With &dollar;202 million raised to-date&comma; Cowbell has remained capital-efficient throughout its journey&period; Cowbell has remained steadfast in its clear vision to protect&comma; educate and empower SMEs and mid-market businesses&comma; and the broker community serving them – from today’s and tomorrow’s threats&period;<&sol;p>&NewLine;