More Cowbell! The Rise of Cowbell Cyber, now with an Agency Captive Domiciled in Vermont
We all know that cyber has grown to be one of the top insurance issues facing organizations for the past five or so years. Captives have led the way in many cases providing personalized cyber risk policies for their owners that have been difficult or expensive to find in the traditional insurance market.
Now there is another arrow in the quiver in the captive cyber market. Cowbell Cyber, a cyber-insurance provider who has developed the first continuous underwriting platform, recently formed a Vermont-domiciled agency captive insurance company. An agency captive is a reinsurance company controlled by an insurance agency or brokerage. Through a reinsurance agreement with a traditional insurer, the agency captive receives a share of the premiums written and is obligated to pay its share of claims. Vermont legalized agency captive formations in 2017.
With an agency captive based in Vermont, Cowbell Cyber has the capacity to meet the exponential demands for cyber insurance. The company will surely stand out from its competition, based on cutting-edge A.I. software which comprehends actuarial models and inside-out data sources. You cannot get better than real time updates and customized assessments, which is what Cowbell Cyber provides. As it says on their About Us page, what makes them different is that “Cowbell factors benchmark enterprise risk exposure against a risk pool of millions of businesses.”
The InsurTech firm uses artificial intelligence to assist in risk selection and pricing as it underwrites cyber-insurance coverage for small-to-medium enterprises. Last September, it launched the industry’s first cyber risk marketplace, Cowbell Rx, giving the company more flexibility in addressing the expanding demand from its growing distribution network of 2,000 agencies and 12,000 producers nationwide.
Why the name Cowbell? No, it’s not in homage of the iconic SNL skit, but the company traces its name back to the livestock bell and its timeless practice of ringing out when the animal herd is in distress. The cowbell is a warning signal that alerts the farmer to any abrupt change, and Cowbell Cyber alerts enterprise risk managers to the fluctuating hazards and remediations to mitigate potential losses for its clients.
Providing just another way to meet the world’s risk mitigation needs, Vermont remains the domicile of choice for captive innovation.
Thank you and I look forward to hearing from you.