Cowbell has entered the Australian insurance market, unveiling its Prime One cyber insurance programme for small and medium-sized enterprises (SMEs) with annual revenues of up to A$100m.

The offering is the result of an exclusive agreement between Cowbell and Zurich.

The policies are underwritten by Zurich Australian Insurance, bringing together Zurich’s financial presence in the region with Cowbell’s technology-driven underwriting and claims processes.

Coverage offers limits of up to A$5m per claim and uses an AI model to assess each client’s cyber risks.

Each Prime One policy provides businesses with access to Cowbell’s suite of resilience resources aimed at improving cybersecurity preparedness well before any incident arises.

This includes Cowbell Factors, which delivers AI-based risk assessments unique to each business.

Cowbell Insights will offer specific recommendations tailored to the organisation’s risk profile.

Cowbell Resiliency Services delivers guidance such as micro penetration testing, cybersecurity training, vendor risk management and connections to trusted cybersecurity providers through the Cowbell Rx marketplace.

To oversee the local operation, Cowbell has appointed Anthony Wall as head of underwriting. Wall previously led cyber practice at AIG and has held senior positions at Munich Re and Chubb.

Alric Lal has been named head of business development for Australia, bringing experience from previous roles at UBT in Sydney, Marsh in Auckland and Aon London.

Cowbell founder and CEO Jack Kudale said: “Cyber protection shouldn’t be complicated; it should give businesses confidence to keep moving.

“By partnering with Zurich, we are 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.”

Last year, Cowbell broadened its product range in the US by working with Zurich North America to offer a multi-line insurance solution.