With this $60 million injection, Cowbell intended to scale its operations to accommodate increasing demand, broaden its footprint in crucial international markets, enhance its cyber resilience services, and roll out innovative products. Additionally, the firm aimed to fortify strategic partnerships. By utilising existing advancements in AI and Generative AI (GenAI), Cowbell planned to expand its technological framework to improve efficiency and support faster decision-making for policyholders and brokers across traditional, digital, and API-driven channels.

Zurich’s investment in Cowbell demonstrated its dedication to providing businesses with advanced cyber protection and resilience solutions, particularly in the SME and middle market sectors, which face heightened cyber risks. This move aligned with Zurich’s strategy to employ top-tier technology and expertise to tackle the growing complexities of cyber risk management.

The global cost of cybercrime was projected to hit $24 trillion by 2027, with ransomware attacks alone costing small businesses an average of $1.7 million per incident.

Sierra Signorelli, CEO Commercial Insurance at Zurich said: “Cyber threats remain a major concern for business leaders due to their constantly evolving nature. To address this, we continue to invest in enhancing our cyber capabilities and building a strong support system for our customers. Cowbell is an excellent partner for managing cyber risks. They use a data-centric approach to risk management, provide continuous risk assessments, actively monitor threats, and have strong underwriting expertise. And all of this is centered around a highly advanced digital platform designed to boost cyber resilience for their customers.”

Jack Kudale, founder and CEO, Cowbell said, “This investment from Zurich is the strongest endorsement of Cowbell’s vision and capabilities yet and deepens our footprint in the global cyber insurance market. With a refined focus on product expansion, we will accelerate our efforts to deliver advanced and efficient cyber insurance solutions to SMEs and mid-market businesses globally, ensuring they have the protection and tools they need to navigate the rising threats in the evolving cyber landscape.”

Cowbell’s broker-first approach and reputation for its easy-to-use platform and effective education experience for the broker community are gaining worldwide traction and trust, with licensed producer growth of nearly 3x over the last two years. With better outcomes for customers at its core, reinvestment back into the business will see Cowbell double down on advancements in AI and GenAI to bring greater transparency to cyber risk. In doing so, Cowbell will facilitate smarter decision-making and raise cyber resiliency standards for brokers and businesses worldwide.

This latest investment marks a major milestone in Cowbell’s fast-scaling journey, following a year of rapid geographic and product expansion, technological growth, and the onboarding of industry-heavyweight experts, further solidifying its position in the global cyber insurance market.

With $202 million raised to-date, Cowbell has remained capital-efficient throughout its journey. Cowbell has remained steadfast in its clear vision to protect, educate and empower SMEs and mid-market businesses, and the broker community serving them - from today’s and tomorrow’s threats.

J.P. Morgan Securities LLC acted as financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP provided legal counsel to Cowbell in this transaction.