Cowbell Cyber unveils strategic partnership with Palomar Excess & Surplus
Cowbell Cyber, a cyber insurance provider for SMEs that uses artificial intelligence, has unveiled a strategic partnership with Palomar Excess & Surplus Insurance Company to further enhance its offerings on a non-admitted basis nationwide.
The multi-year agreement with Palomar, backed by AM Best A-rated or higher global reinsurance providers, adds to the current carriers and reinsurers already supporting Cowbell’s diversified portfolio of standalone cyber insurance programs, extending distribution to businesses with up to $250 million in revenue with limits up to $5 million.
Some 95% of property and casualty brokers are reporting an increased request for cyber coverage, according to the Council of Insurance Agents & Brokers.
“Our partnership with Palomar diversifies our programs in non-admitted markets and further expands our capacity in support of our continued growth,” said Jack Kudale, founder and CEO at Cowbell Cyber. “Our momentum is powered by our 90+ employees who continuously show drive and passion to build the next generation of cyber insurance programs, and our growing network of more than 10,000 appointed agents and brokers who trust Cowbell to deliver robust and relevant cyber coverage to their clients.”
Mac Armstrong (pictured), Chairman and CEO of Palomar Holdings, added: “Our partnership with Cowbell is a validation of Palomar’s efforts to expand into new geographies and product categories through our E&S subsidiary.
“This is also the first deal we have executed through the company’s new PLMR-FRONT business unit, which launched in September. We have been impressed with Cowbell’s ability to leverage data and technology to capitalize on changing market dynamics while still providing sound underwriting and elevated risk management.”
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