Cowbell has launched in Australia with a standalone cyber insurance programme for small and medium-sized businesses. It is underwritten on Zurich Australian Insurance paper and distributed through licensed brokers.
The product, called Prime One, targets firms with up to AUD $100 million in annual turnover. Brokers can quote, bind and issue policies in under five minutes, the insurer said.
Zurich provides the underwriting capacity for the programme. Cowbell supplies underwriting technology, claims handling and cyber risk services that sit alongside the cover.
Zurich partnership
Cowbell described the arrangement as a fully delegated, exclusive, multi-year collaboration. Prime One offers limits up to AUD $5 million, including any one claim.
Cyber insurance has been one of the faster-growing commercial lines in recent years, as organisations face ransomware, data breaches and business interruption from IT outages. In Australia, many smaller firms still rely on packaged policies with partial cyber extensions or have no dedicated cover. This has left brokers and insurers seeking simpler placement and clearer articulation of what is and is not insured.
Cowbell positions Prime One as aligned with how Australian SMEs buy insurance, with brokers as the primary channel. It said the policy structure is designed to be straightforward and suited to modern cyber risks.
Jack Kudale, Founder & CEO of Cowbell, said the Zurich partnership underpins the local launch.
“Cyber protection shouldn’t be complicated; it should give businesses confidence to keep moving,” Kudale said. “By partnering with Zurich, we’re offering Australian organisations a dependable foundation for cyber resilience, supported by Cowbell’s continuous underwriting, risk intelligence, and proven track record in managing cyber risk.”
Underwriting model
Cowbell’s underwriting uses an AI-driven assessment model to generate a view of an applicant’s cyber exposures, the company said. It added that the information gives brokers a clearer basis for coverage discussions.
The Prime One programme includes access to tools branded as Cowbell Factors and Cowbell Insights, which Cowbell described as continuous risk ratings and practical recommendations tailored to an organisation.
It also includes Cowbell Resiliency Services, such as micro penetration testing, cyber security awareness training and vendor risk management, according to the company. Policyholders also get access to a marketplace of cyber security partners via Cowbell Rx.
Insurers have increasingly attached risk services to cyber policies, particularly for smaller insureds that may not have specialist security teams. These services can support pre-incident preparation and post-incident response, though uptake and quality vary by provider and partner network.
Local leadership
Cowbell has appointed Anthony Wall as Head of Underwriting for Australia. Wall previously worked at AIG, where he was cyber practice lead, and has held senior cyber underwriting roles at Munich Re and Chubb. Earlier in his career, he worked at Liberty International Underwriters in Australia and the United States and spent more than six years at Aon.
Alric Lal has joined as Head of Business Development for Australia. Cowbell said Lal has 20 years of experience in corporate broking and financial lines. He previously served as Head of Broking for UBT in Sydney and held senior roles at Marsh in Auckland and Aon in London.
Cowbell is entering a market where cyber risk has become a board-level issue for many organisations, but dedicated cover remains uneven. Claims trends in the region have included ransomware incidents that disrupt operations, as well as losses linked to email compromise and the theft of funds through fraudulent payment instructions.
Simon Hughes, Chief Commercial Officer of Cowbell, said the company sees an opportunity in the gap between cyber risk awareness and the level of standalone insurance held by SMEs.
“With standalone cyber cover reaching only 20% of Australian SMEs, brokers are looking for clarity they can trust and support that helps them reach the other 80%,” Hughes said. “Prime One delivers that clarity and coverage that’s easy to explain, backed by the quiet, steady confidence Cowbell brings to every global market we serve.”