Cowbell, a cyber insurance provider to small and medium-sized businesses, announced the completion of a $60 million Series C equity round funded by Zurich Insurance Group (Zurich), a global diversified insurer.
With the $60 million investment, Cowbell plans to strengthen its operations in response to growing demand, expand its presence in key international markets, improve its cyber resilience services, launch innovative products and strengthen strategic partnerships.
The company aims to leverage advancements in AI and Generative AI (GenAI) to upgrade its technology framework.
This will drive efficiencies across traditional, digital and API-driven platforms, speeding up decision-making for policyholders and brokers.
Sierra Signorelli, CEO of Zurich’s Commercial Insurance division, commented: “Cyber threats remain a major concern for business leaders as they are constantly evolving. To address this, we continue to invest in strengthening our cyber capabilities and building stronger support systems for our clients.”
“Cowbell is a great partner for cyber risk management. They take a data-centric approach to risk management, offer continuous risk assessments, proactively monitor threats and have strong underwriting expertise – all of which revolves around an advanced digital platform designed to increase their clients’ cyber resilience.”
Zurich’s investment reflects its commitment to driving cyber protection and resilience solutions for enterprises, particularly SMEs and mid-sized businesses facing growing cyber risks, and is aligned with Zurich’s strategy to leverage best-in-class technology and expertise to address the growing complexities of cyber risk management.
Global costs from cybercrime are predicted to reach $24 trillion by 2027, with ransomware attacks costing small and medium-sized businesses an average of $1.7 million each.
Jacques Couder, founder and CEO of Cowbell, added: “This investment from Zurich is the strongest endorsement yet of Cowbell’s vision and capabilities and deepens our footprint in the global cyber insurance market.”
“We are focused on expanding our offerings and accelerating our efforts to provide advanced and efficient cyber insurance solutions to SMEs and mid-market businesses around the world, ensuring they have the protection and tools they need to address growing threats in the evolving cyber landscape.”
Cowbell’s broker-centric approach has earned it a reputation for its user-friendly platform and extensive educational resources, and it is gaining global recognition.
The company has nearly tripled the number of licensed producers over the past two years. With a focus on improving customer outcomes, Cowbell plans to reinvest in AI and Generative AI (GenAI) to provide greater transparency into cyber risk.
This will facilitate more informed decision-making and improve cyber resilience standards for brokers and firms around the world.
This new investment marks a milestone in Cowbell’s rapid expansion after a year of significant growth in geographic reach, product offerings, technology advancements and the hiring of industry-leading talent. To date, Cowbell has raised $202 million.
