Cyber insurance provider Cowbell Cyber has announced an agreement with Palomar Excess & Surplus Insurance Company. The agreement expands Cowbell’s relationship with Palomar, doubling the available reinsurance capacity for Cowbell Prime 250, Cowbell’s cyber coverage for businesses with up to $250 million in revenue.
The agreement brings Cowbell’s total global reinsurance panel to nine providers, including Cowbell Re. Cowbell is rapidly renewing and extending its insurance capacity partnerships to address rising market demand for cyber insurance, the company 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,” said Trent Cooksley, co-founder and chief operating officer at Cowbell Cyber. “We’ve made it our duty to help organizations become more secure by bundling, with our policies, resources that policyholders need to improve their cybersecurity standing and proactively remediate cyber exposures.”
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Cowbell’s team of cyber claims experts works to minimize claim severity by intervening immediately when cyber incidents are reported. This, along with Cowbell’s loss-control services, has allowed the company to keep reported claims under 2% across all programs since inception.
“The expansion of the program is significant in two ways – the increase in capacity from existing markets and the new markets that have joined in this very challenging environment,” said Jason Sears, executive vice president at Palomar. “It is a testament that this was achievable through our combined efforts and the support of Gallagher Re on the placement.”
“We are thrilled to partner with the Cowbell team and a best-in-class panel of reinsurers to attack the dynamic and growing cyber market,” said Mac Armstrong, chairman of the board at Palomar Holdings.