ZURICH INS GROUP S/ADR - ZURVY STOCK NEWS

Cowbell, a leading cyber insurance provider for SMEs, has secured a $60 million Series C investment from Zurich Insurance Group. This funding will enable Cowbell to scale operations, expand internationally, enhance cyber resilience services, and introduce new products. The company plans to leverage AI and GenerativeAI to improve its technological infrastructure, supporting faster decision-making across various channels.

Zurich's investment aligns with its goal to address evolving cyber risks, particularly for SMEs and mid-market segments. Cowbell's data-centric approach, continuous risk assessments, and advanced digital platform have positioned it as an excellent partner for managing cyber risks. The global cost of cybercrime is projected to reach $24 trillion by 2027, with ransomware attacks costing small businesses an average of $1.7 million per incident.

Zurich North America announced key leadership changes, with Jason Meador appointed as Head of Direct Markets and Dalynn Hoch rejoining to lead RCIS. Vince Santivasi will retire, and Dalynn Hoch will succeed Meador as the Head of RCIS. Meador, a Navy veteran, has a rich background in the insurance industry and will take over as leader of the Direct Markets business. Hoch, with a background in family agriculture and extensive finance and transformation experience, is a strong fit to lead the Crop business.

Zurich North America has appointed Albane Valenzuela and Sahith Theegala as new members of its Golf Ambassador Program, joining existing ambassadors Billy Horschel and Collin Morikawa. The ambassadors will promote Zurich beyond the Zurich Classic of New Orleans, enhancing community engagement through golf. Valenzuela, who has an impressive LPGA track record, and Theegala, a recent PGA Tour winner, embody Zurich's values. Zurich aims for impactful business growth and community support through these partnerships as it continues to establish its brand in the golfing world, particularly with its association with prominent tournaments.

Zurich North America has launched a new Bachelor's Degree Apprenticeship for individuals with two years of college education. This program allows apprentices to earn a bachelor's degree while working full-time at Zurich, receiving full pay and benefits. The initiative follows the company's successful Associate Degree Apprenticeships initiated in 2016. Apprentices will complete their studies online through the University of Arizona and gain practical experience in various business areas. Hiring is ongoing, with the first class set to start in January 2023.

Zurich North America has integrated Climate FieldView™ into its Rural Community Insurance Services (RCIS) offerings. This collaboration aims to streamline crop insurance reporting for farmers, allowing seamless data connectivity between field operations and RCIS systems. Farmers can now easily manage planting and harvest data, significantly reducing the time spent on reporting to the U.S. Department of Agriculture's Risk Management Agency. This enhancement is part of Zurich's commitment to modernizing agricultural insurance services.

Zurich North America has entered the Accelerator phase of the Zurich Innovation Championship, collaborating with two U.S. companies, Dynamhex and One Concern, to tackle critical insurance challenges. This initiative aims to focus on climate change through technological solutions. Dynamhex, based in Baltimore, provides software for climate action, while One Concern, from Menlo Park, specializes in resilience intelligence for disaster impact modeling. Over 2,600 startups applied globally, with successful projects potentially moving to implementation phases.