Cowbell launches cyber insurance captive
Cyber insurance agency Cowbell Cyber announced the launch of its cyber insurance captive Cowbell Re.
Cowbell, which reaches over $200 million in premium run-rate, claims that with this new entity it’s directly taking on risk which gives it more flexibility in addressing the demand “from its growing distribution network of 2,000 agencies and 12,000 producers nationwide.”
To date, Cowbell’s policyholder base has grown over 5,000% year-over-year, and forecasted to triple during the 2022 calendar year.
“Cowbell’s cyber insurance platform brought innovation, efficiencies, and robust cyber coverage to the market as we developed the industry’s largest cyber insurance distribution network. With the launch of Cowbell Re, we are directly taking on risk and reiterating our commitment to empower businesses to minimize cyber incidents.” – Jack Kudale, Founder and CEO at Cowbell Cyber.
The news comes after competitor Coalition announced the launch of its captive unit at the end of last year.
On a related note, Stephen Cardot, the founder and CEO of CloudCover , a cybersecurity MGU and technology company that uses blockchain to record IT instances, has recently shared that he’s been given signals by some very significant insurance organizations that the cyber insurance industry is in a state of flux – “it may collapse, it may implode in the next 12 months or sooner.” Further stating that cyber insurance as we know it will cease to be available since the losses are so high and are no longer able to be sustained.