Former Bermuda resident Dan Palardy has joined as lead actuary at Cowbell Cyber, the industry's first AI-powered cyber-insurance provider for small to medium enterprises.

Mr Palardy worked in the Bermuda office of Axa XL from 2016 until 2019.

At Cowbell he will lead the actuarial function, advising on pricing, reserving and overall portfolio management.

Mr Palardy joins Cowbell from Axis Reinsurance, where he was most recently senior pricing actuary, professional lines.

At the end of fiscal year 2021, Cowbell said, its monitored risk pool grew to more than 21 million SMEs — 65 per cent of the US market — while reported claims remained less than 1 per cent of its total portfolio driven by continuous risk assessment.