Zurich-based сyber insurtech Cowbell has closed a €55 mn Series C equity round led by Zurich Insurance Group, a global multi-line insurer. To date, Cowbell has raised €186 mn.
This investment will help Cowbell meet growing demand, expand internationally, improve cyber resilience services, launch new products, and strengthen partnerships.
By using AI and Generative AI, Cowbell plans to enhance its technological infrastructure. This will increase efficiency and support faster decision-making for policyholders and brokers across various platforms.
Sierra Signorelli, CEO of Commercial Insurance at Zurich, stated, “Cyber threats are a major concern for business leaders due to their evolving nature. We invest in enhancing our cyber capabilities to support our customers.”
Cowbell’s data-centric approach, continuous risk assessments, threat monitoring, and strong underwriting expertise, all centered on a digital platform, boost customer cyber resilience
Sierra Signorelli, CEO of Commercial Insurance at Zurich
Zurich’s investment underscores its commitment to advancing cyber protection for businesses, especially SMEs and mid-sized companies facing increased cyber risks. It aligns with Zurich’s strategy to use top technology and expertise for evolving cyber risk management complexities.
The global cost of cybercrime is projected to reach €22 trln by 2027, with ransomware attacks averaging €1.6 mn per incident for small businesses.
“With a focus on product expansion, we aim to deliver advanced cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection needed to navigate rising cyber threats.”
Zurich’s investment endorses Cowbell’s vision and deepens our global cyber insurance market presence
Jack Kudale, Cowbell’s founder and CEO
Cowbell’s broker-centric approach, user-friendly platform, and robust educational resources are gaining global recognition. The company has nearly tripled its licensed producers in the past two years. Cowbell plans to reinvest in AI and GenAI to enhance cyber risk transparency, facilitating informed decision-making and raising cyber resilience standards.
This investment marks a milestone in Cowbell’s expansion, following significant growth in geographic reach, product offerings, technological advancements, and top industry talent recruitment.
