Zurich Financial Services Australia has confirmed the launch of a standalone cyber insurance product for local businesses in partnership with Cowbell. The product, Prime One, is aimed at Australian small and medium-sized enterprises (SMEs) with annual turnover of up to $100 million, with policies written on Zurich Australian Insurance Ltd paper and distributed via licensed insurance brokers.
Prime One extends an existing collaboration between Zurich and Cowbell, which have been working together in the UK and the US to provide cyber cover to thousands of businesses. In Australia, the arrangement pairs Zurich’s capital backing and local operations with Cowbell’s AI-based cyber underwriting and risk management platform. Alex Morgan, head of general insurance at Zurich, said the initiative is a response to how cyber threats are affecting business operations. “As the threat and complexity of cyber risk continues to grow, it is now more important than ever for business owners have access to insights, expertise, and tools to improve their protection and resilience in a simple and efficient way,” Morgan said. He added that Zurich plans to apply experience from the UK and the US partnership to the Australian SME segment.
Prime One is described by the partners as a cyber insurance product that can be quoted, bound, and issued in less than five minutes via Cowbell’s platform. The programme uses artificial intelligence to underwrite, quote, and bind risks, drawing on large data sets to assess an organisation’s cyber profile. The platform continues to monitor risk after inception. Policyholders receive ongoing, AI-based cyber risk ratings and tailored insights that use millions of data points to benchmark vulnerabilities and controls. According to the companies, these outputs give brokers and clients a view of exposure and can be used to inform risk mitigation measures during the policy period.
Cover is available with limits up to $5 million, including any one claim limits. The product targets SMEs, including businesses that may be purchasing standalone cyber insurance for the first time. The continuous assessment process is intended to help brokers interpret technical cyber indicators in the context of coverage discussions and to identify control improvements that insureds can consider. Cowbell founder and CEO Jack Kudale said the collaboration is meant to simplify access to cyber cover for smaller organisations. “Cyber protection shouldn’t be complicated; it should give businesses confidence to keep moving. 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,” Kudale said.
Each Prime One policy includes access to a suite of cyber resilience services delivered by Cowbell. These include:
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For brokers, the partners say the tools are intended to support account management and discussions on cyber controls and incident readiness, in addition to traditional placement activity. Zurich and Cowbell have made the product available only through licensed insurance brokers, consistent with prevailing distribution practices for commercial cyber insurance in Australia. Simon Hughes, chief commercial officer at Cowbell, pointed to the current penetration of standalone cyber cover among 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. 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,” Hughes said.
To support its Australian operations, Cowbell has appointed two senior executives to lead underwriting and business development. Anthony Wall has been named head of underwriting. He has held cyber and financial lines roles at AIG, Munich Re, and Chubb, and earlier worked at Liberty International Underwriters in Australia and the UK, as well as at Aon. Cowbell has also appointed Alric Lal as head of business development for Australia. Lal has around 20 years’ experience in corporate broking and financial lines, including serving as head of broking for UBT in Sydney and holding senior roles at Marsh in Auckland and Aon in London. The appointments provide Cowbell with in-market underwriting and distribution contacts for brokers as Prime One is introduced and scaled in Australia.
The launch takes place amid increased attention to cyber security spending and risk transfer globally. Marsh’s “Cyber catalyst report: Guiding priorities in cyber investments” notes that nearly two-thirds of organisations surveyed worldwide plan to increase cybersecurity spending in 2026, with more than a quarter expecting budget increases of 25% or more. Key areas of focus include technology and mitigation tools, incident planning and preparation, and cyber talent. The report also found that about 70% of organisations had experienced at least one material third-party cyber incident in 2024, highlighting the role of supply chain and vendor exposures in overall cyber risk management. Ransomware and privacy breaches were identified as leading concerns, with 29% of respondents ranking those as their top cyber risks. For Australian insurance professionals, the Prime One launch adds SME-focused cyber capacity to the market and introduces another AI-enabled underwriting and service model. It also sits within a wider shift toward continuous risk assessment, embedded cyber services, and closer coordination between insurers, MGAs, brokers, and cybersecurity providers in addressing SME cyber exposures.
