A New-Age Partnership to Give Your Business a More Fitting Brand of Protection

The human identity is constructed upon a myriad of different factors, but none define us better than that desire to grow on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Cowbell Cyber, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has officially announced a partnership with Skyward Specialty Insurance Group, a partnership which will help the former company in expanding the coverage and capacity of its Prime 250 Cyber Liability and Prime Tech program. Before we really get into the thick of this new development, it’s important for you to know a little bit about the stated program. Basically, Prime 250 Cyber Liability and Prime Tech program is an initiative that safeguards businesses generating revenue of up to $500 million against cyber and technology errors and omissions (E&O) risks.  But how will this new partnership improve the program? Well, under the agreed terms, Cowbell will be able to bank upon Skyward Specialty’s experience around protecting underserved markets from the risks in question, and as a result, enhance its own reach down the line. You see, Cowbell’s omnichannel distribution network, at the moment, holds no more than 23,000 appointed agents and 3,500 agencies across all retail, wholesale, and embedded channels. However, with Skyward’s assistance, it is hoping to reach a level where it will have the necessary means to serve a significant portion of underserved small and medium-sized enterprises seeking financial security against cyberattacks.

“We continuously monitored 95% of U.S. SMEs’ cyber risks for the last four years and have found that there’s a massive gap in cyber protection that is overlooked for this vastly underserved market. The insurability gap for these businesses is championed through this exciting new partnership with Skyward Specialty,” said Jack Kudale, Founder and CEO of Cowbell. “This partnership leverages the expertise of the deeply experienced leaders and team members at Skyward Specialty, some of whom were part of helping to create the cyber insurance marketplace over 20 years ago.”

Founded in 2019, Cowbell’s rise to prominence is rooted in how it has managed to service small and medium-sized enterprises (SMEs) with coverage that is more suitable for today’s and tomorrow’s threats. Furthermore, the company’s knack of using an AI-based approach for risk selection and pricing, alongside an ability to go from submission to issue in about 5 minutes, has made Cowbell an absolute pioneer of its space. The stated excellence has notably empowered the company to establish a presence across 50 U.S. states.

Moving on to Skyward Specialty Insurance, founded in 2006, the company has risen up the ranks on the back of delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. Currently, Skyward is facilitating operations across eight different underwriting divisions, including Accident & Health, Captives, Global Property, Industry Solutions, Professional Lines, Programs, Surety, and Transactional E&S.

“Partnering with Cowbell is another bold step in our strategy to lead in our chosen markets,” said Andrew Robinson, CEO of Skyward Specialty. “We have spent over a year getting to know Cowbell, their leadership and team, and have been impressed by the underwriting precision they achieve, and their unique approach to continuous cyber risk assessment. This partnership is a powerful combination of two great companies.”