Cowbell reports successful first year in the UK with triple-digit growth

Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has reported significant growth as it marks the first anniversary of its expansion into the UK.

From January to June 2024 alone, Cowbell’s results show continued success in the region, highlighted by a threefold increase in premiums, policies, and producers: a 148% rise in UK insurance agents and brokers, a 351% growth in premiums, and a 327% increase in policies issued.

Cowbell entered the UK market in the second quarter of 2023 by launching Cowbell Prime One, its standalone cyber insurance program, in September. This was followed by the introduction of Cowbell Rx, a cyber risk exchange marketplace, in October.

In January 2024, the company further expanded its coverage to mid-market businesses with up to £1 billion in turnover, solidifying its position as a major player in the UK cyber insurance sector. Its success in the UK has led to this now being rolled out in the U.S. also.

Simon Hughes, SVP of Global Distribution at Cowbell, commented, “Our swift expansion has been testament to our innovative approach, which brings speed, customisation, and efficiency to a market dominated by SMEs and mid-market enterprises. This success has given us a playbook that will inform the next phase of market, geographical and product expansion.”

The past year also saw the launch of Cowbell Academy in July 2024, an educational platform designed to teach brokers about cyber threats and the advantages of cyber insurance. Additionally, Cowbell partnered with Acturis to offer Prime One on its platform.

Key changes have occurred within Cowbell’s UK team, including Claud Bilbao’s promotion to RVP of Underwriting and Distribution in May 2024 and Simon Hughes’ advancement from VP and General Manager to SVP of Global Distribution.

Despite the growing demand for specialised products like Prime One, recent government statistics indicate that 57% of UK businesses still lack cyber insurance. Cybersecurity breaches and attacks remain prevalent; 50% of businesses reported experiencing a breach in the past year, with rates even higher among medium-sized (70%) and large businesses (74%). Furthermore, only 31% of companies have conducted cybersecurity risk assessments, and just 18% have provided awareness training.

Hughes emphasised, “Cowbell has a mission to both educate and protect UK businesses from the ever-evolving threat landscape. Through our educational efforts, our underwriting and quote technology, risk pool, and API capabilities, our aim is to both empower businesses and make it significantly easier for UK brokers to transact small to mid-market cyber business.”

Looking ahead, the UK remains a crucial focus in Cowbell’s broader expansion strategy. Recent investment and partnership with Zurich will support ongoing product development and international growth. In the coming year, Cowbell plans to build on its success by introducing new technologies and exploring opportunities beyond cyber insurance.

Reflecting on Cowbell’s future in the UK, Jack Kudale, founder and CEO of Cowbell, stated, “The UK is a core component of our multi-tiered expansion strategy. Our work here not only strengthens our position in Europe, but also provides us with the foundation to continue expanding our footprint globally. With ongoing product innovations and our strong broker relationships, we are confident in the continued success of Cowbell UK.”

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