Cowbell, a cyber insurance company for small and medium-sized businesses, has expanded into the U.S. mid-market, seeking to serve companies with $1 billion in annual revenue.

The Chaucer Group is supporting this expansion, allowing mid-sized companies in the U.S. to access $5 million in initial and excess limits through Cowbell’s Prime 250 Cyber ​​and Prime Tech E&O (errors and omissions) products.

In addition, policyholders will benefit from Cowbell’s on-demand risk management service Cowbell 365, while brokers will also be supported via the Cowbell Academy.

According to Cowbell, its decision to target mid-market companies reflects the growing cyber risk landscape for this particular group of companies.

Although they represent only 3% of businesses in the United States, middle-market organizations generate more than $10 trillion in revenue annually and employ one-third of the private sector workforce, according to data from the National Center for the Middle Market.

However, many businesses remain at risk, with 24% of medium-sized businesses reporting cyberattacks in the past year, while 61% lack dedicated cybersecurity staff.

Cowbell’s enhanced offerings are designed to support businesses with revenues ranging from $250 million to $1 billion. Mid-sized policyholders will receive personalized service, including an experienced underwriter for each account, cybersecurity services like Micropen testing, and 12 months of free cybersecurity training for employees.

Additional resources include threat assessments, executive-level security oversight, and guidance from a dedicated Customer Success Manager.

“Midsized businesses in America are increasingly relying on technology to deliver services to their customers,” said Pierce Toge, head of cybersecurity at Chaucer Group. “With the increasing complexity of operations and an ever-changing cyber threat landscape, they also face unprecedented exposure to cyber risks, and traditional offerings may not be enough for them.

“Our partnership with Cowbell will help customers access the most convenient and powerful packages of tailored cybersecurity services.”

Cowbell’s expansion into the mid-market follows a previously successful model implemented in the UK, targeting companies with revenues of up to $1 billion.

“By leveraging our proven track record, large risk pool and innovative technology, Cowbell will be able to enhance the cyber resilience of not only small and medium-sized businesses but also those with greater complexity and larger operations,” said Trent Cooksley (pictured), Cowbell co-founder and COO.

“But it’s also about building relationships, collaboration and trust – we’re committed to helping brokers and their clients realise the full range of benefits we offer.”

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