Cybersecurity insurance provider Cowbell Cyber Inc. today announced the launch of its new Adaptive Cyber Insurance product and a new subsidiary, Cowbell Specialty Insurance Co.

Adaptive Cyber Insurance is pitched as offering a dynamic approach to insuring constantly changing risk. Cowbell argues that the dynamic nature of cyber risk requires insurance policies to evolve accordingly, so the new product transforms cyber coverage from a static offering to a dynamic one, adaptable to current and future threats.

With Adaptive Cyber Insurance, policies can evolve more frequently than yearly to remain aligned with the policyholder’s cyber exposures, avoid coverage gaps and bring full transparency into renewal terms throughout the policy period. The service is said to empower policyholders to improve their organization’s cyber risk profile to avoid potentially disastrous financial losses or reputational damages.

The new offering bundles risk management tools and services with coverage so policyholders can continuously address changes in the threat landscape. The engagement starts with a real-time benchmark of cyber risks measured by Cowbell Factors and includes inside-out risk data. Continuous risk monitoring and risk engineering services then support policyholders in mitigating newly identified exposures and security weaknesses throughout the policy period.

Coming into its launch, Adaptive Cyber Insurance has been tested by some existing policyholders that the company says have seen an overall 9% improvement of their risk profile benchmarked against their industry peers.

“Three years ago, we launched the insurance industry’s first-ever continuous underwriting platform that aligned insurable threats to risk exposures, in order to proactively mitigate losses in the aftermath of cyberattacks,” Jack Kudale, founder and chief executive officer of Cowbell, said in a statement. “Today, our journey has set us up to lead the next wave of innovation in the cyber insurance industry.”

Launched alongside Adaptive Cyber Insurance, Cowbell’s new Specialty Insurance Co. augments Cowbell’s current business model and joins a panel of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs.

Cowbell Speciality, when paired with Cowbell’s reinsurance service, offers additional flexibility and control in serving the market with solutions such as Adaptive Cyber Insurance while enforcing best-in-class underwriting for unit-based profitability.

“Adaptive Cyber Insurance is a major evolution for cyber insurance and with the launch of Cowbell Specialty, along with Cowbell Re, we gain the insurance footprint of a tech-enabled, full stack high-growth insurer, giving us the flexibility to expand our business and innovate for the benefit of all our policyholders,” Kudale added.

Image: Cowbell Cyber