Summary:At-Bay - Revision history

Wikilah admin at 16:31, 5 April 2026

2026-04-05T16:31:34Z

← Older revision		Revision as of 00:31, 6 April 2026
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	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.

PlumBot: Bot: auto-link insurance terms on Summary:At-Bay

2026-03-17T07:10:50Z

Bot: auto-link insurance terms on Summary:At-Bay

← Older revision		Revision as of 15:10, 17 March 2026
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	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/MXDR services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~dark web monitoring]], AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Insurance \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \|Trisura Specialty Insurance Company]] as ~~[[Definition:Issuing carrier \|~~issuing carrier]] and ~~The~~ [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~dark web monitoring]], AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and ~~[[Definition:Endorsement \|~~endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber ~~[[Definition:Policy form \|~~policy form]] (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party coverage \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability \|media liability]], with notable [[Definition:Exclusion \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated ~~[[Definition:Broker platform \|~~broker platform]] and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily ~~[[Definition:Small and medium-sized business (~~SMB~~) \|SMB]]~~ by count but extending to ~~[[Definition:Mid-market insurance \|~~mid-market]] and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, ~~systemic~~ [[Definition:Cyber aggregation risk \|cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to ~~[[Definition:Third-party coverage \|~~third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Insurance \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \|Trisura Specialty Insurance Company]] as issuing carrier and [[Definition:Hartford Steam Boiler (HSB) \|The Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party coverage \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and [[Definition:Financial fraud coverage \|financial fraud]] ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability \|media liability]], with notable [[Definition:Exclusion \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Cyber aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

PlumBot: Bot: auto-link insurance terms on Summary:At-Bay

2026-03-17T07:08:46Z

Bot: auto-link insurance terms on Summary:At-Bay

← Older revision		Revision as of 15:08, 17 March 2026
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	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions ~~insurance~~ \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance ~~[[Definition:Exposure management \|~~exposure management]] platform, [[Definition:Managed detection and response (MDR) \|MDR]]/~~[[Definition:Extended detection and response (XDR) \|~~MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/MXDR services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions ~~insurance~~ \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, and ~~[[Definition:Virtual chief information security officer (~~vCISO~~) \|vCISO]]~~ advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an ~~[[Definition:Extended detection and response (XDR) \|~~MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions ~~insurance~~ \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to full-stack carrier status, completing its carrier acquisition from [[Definition:~~AXA~~ XL \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura ~~Group~~ \|Trisura Specialty Insurance Company]] as issuing carrier and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, ~~[[Definition:Virtual chief information security officer (~~vCISO~~) \|vCISO]]~~ advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement ~~(insurance)~~ \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 ~~[[Definition:Security operations center (~~SOC~~) \|SOC]]~~ monitoring. In July 2025, At-Bay launched an ~~[[Definition:Extended detection and response (XDR) \|~~MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party ~~insurance~~ \|first-party ~~coverages~~]] including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption ~~insurance~~ \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and ~~[[Definition:Financial fraud coverage \|~~financial fraud]] ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability ~~insurance~~ \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability ~~insurance~~ \|media liability]], with notable [[Definition:Exclusion ~~(insurance)~~ \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts ~~coverage~~ \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) ~~insurance~~ \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:~~Aggregation~~ risk \|~~systemic~~ cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to [[Definition:Third-party ~~insurance~~ \|third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Insurance \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \|Trisura Specialty Insurance Company]] as [[Definition:Issuing carrier \|issuing carrier]] and The [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber [[Definition:Policy form \|policy form]] (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party coverage \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability \|media liability]], with notable [[Definition:Exclusion \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated [[Definition:Broker platform \|broker platform]] and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \|SMB]] by count but extending to [[Definition:Mid-market insurance \|mid-market]] and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic [[Definition:Cyber aggregation risk \|cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to [[Definition:Third-party coverage \|third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

PlumBot: Bot: auto-link insurance terms on Summary:At-Bay

2026-03-17T06:36:05Z

Bot: auto-link insurance terms on Summary:At-Bay

← Older revision		Revision as of 14:36, 17 March 2026
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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], ~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an ~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance [[Definition:Exposure management \|exposure management]] platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a ~~[[Definition:Full-stack insurance carrier \|~~full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for ~~[[Definition:Policyholder \|~~policyholders]]. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, and [[Definition:Virtual chief information security officer (vCISO) \|vCISO]] advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to ~~[[Definition:Full-stack insurance carrier \|~~full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL ~~Group~~ \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura Group \|Trisura Specialty Insurance Company]] as ~~[[Definition:Issuing carrier \|~~issuing carrier]] and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement (insurance) \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to ~~[[Definition:Policyholder \|~~policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party insurance \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability insurance \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability insurance \|media liability]], with notable [[Definition:Exclusion (insurance) \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts coverage \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to full-stack carrier status, completing its carrier acquisition from [[Definition:AXA XL \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura Group \|Trisura Specialty Insurance Company]] as issuing carrier and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, [[Definition:Virtual chief information security officer (vCISO) \|vCISO]] advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement (insurance) \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 [[Definition:Security operations center (SOC) \|SOC]] monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party insurance \|first-party coverages]] including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption insurance \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and [[Definition:Financial fraud coverage \|financial fraud]] ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability insurance \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability insurance \|media liability]], with notable [[Definition:Exclusion (insurance) \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts coverage \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) insurance \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to [[Definition:Third-party insurance \|third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

PlumBot: Bot: auto-link insurance terms on Summary:At-Bay

2026-03-17T04:53:53Z

Bot: auto-link insurance terms on Summary:At-Bay

← Older revision		Revision as of 12:53, 17 March 2026
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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], [[Definition:InsurSec \|InsurSec]] model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, MDR/MXDR services, and in-house incident response with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in venture capital at a $1.35B post-money valuation and transitioned from an MGA/fronted program to issuing policies on its own paper beginning August 2023, reporting a 98% combined ratio at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an [[Definition:InsurSec \|InsurSec]] model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in venture capital across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. MDR services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through wholesale brokers and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack insurance carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''[[Definition:InsurSec \|InsurSec]] platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for [[Definition:Policyholder \|policyholders]]. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack insurance carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Group \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura Group \|Trisura Specialty Insurance Company]] as [[Definition:Issuing carrier \|issuing carrier]] and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''[[Definition:InsurSec \|InsurSec]] platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement (insurance) \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to [[Definition:Policyholder \|policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party insurance \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability insurance \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability insurance \|media liability]], with notable [[Definition:Exclusion (insurance) \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts coverage \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

Wikilah admin at 04:53, 17 March 2026

2026-03-17T04:53:00Z

← Older revision		Revision as of 12:53, 17 March 2026
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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. ~~[[Definition:Cyber insurance \|~~cyber]]-focused ~~[[Definition:Insurtech \|~~insurtech]], full-stack ~~[[Definition:Excess and surplus lines \|~~E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, ~~[[Definition:AM Best \|~~AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. ~~[[Definition:Cyber insurance \|~~cyber]]-focused ~~[[Definition:Insurtech \|~~insurtech]] that transitioned from ~~[[Definition:Managing general agent (MGA) \|~~MGA]] to full-stack ~~[[Definition:Excess and surplus lines \|~~E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated ~~[[Definition:AM Best \|~~AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] ~~[[Definition:Cyber insurance \|~~cyber]], ~~[[Definition:Technology errors and omissions (Tech E&O) \|~~technology E&O]], and ~~[[Definition:Miscellaneous professional liability (MPL) \|~~MPL]] through its Delaware-domiciled ~~[[Definition:Excess and surplus lines \|~~E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:~~AM Best ~~\|AM Best]]~~ A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, ~~[[Definition:Managed detection and response (MDR) \|~~MDR]]/MXDR services, and in-house ~~[[Definition:Incident response \|~~incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~venture capital]] at a $1.35B post-money valuation and transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \|MGA]]~~/~~[[Definition:Fronting \|~~fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% ~~[[Definition:Combined ratio \|~~combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, MDR/MXDR services, and in-house incident response with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in venture capital at a $1.35B post-money valuation and transitioned from an MGA/fronted program to issuing policies on its own paper beginning August 2023, reporting a 98% combined ratio at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] ~~[[Definition:Cyber insurance \|~~cyber]], ~~[[Definition:Technology errors and omissions (Tech E&O) \|~~technology E&O]], and ~~[[Definition:Miscellaneous professional liability (MPL) \|~~MPL]] through its Delaware-domiciled ~~[[Definition:Excess and surplus lines \|~~E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:~~AM Best ~~\|AM Best]]~~ A- stable. The company transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \|MGA]]~~/~~[[Definition:Fronting \|~~fronted program]] structure backed by ~~[[Definition:~~Trisura ~~\|Trisura]]~~ and ~~[[Definition:~~Hartford Steam Boiler ~~\|Hartford Steam Boiler]]~~ to issuing policies on its own E&S paper beginning August 2023, completing a ~~[[Definition:Full-stack carrier \|~~full-stack carrier]] evolution. At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, ~~[[Definition:Munich Re \|~~Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides ~~[[Definition:Vulnerability scanning \|~~vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~dark web monitoring]], AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for ~~[[Definition:Policyholder \|~~policyholders]]. ~~[[Definition:Managed detection and response (MDR) \|~~MDR]] services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through ~~[[Definition:Wholesale broker \|~~wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in ~~[[Definition:Gross written premium (GWP) \|~~gross premium]] and a 98% ~~[[Definition:Combined ratio \|~~combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in venture capital across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. MDR services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through wholesale brokers and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~insurtech]] founded in 2016 that underwrites ~~[[Definition:Cyber insurance \|~~cyber]], ~~[[Definition:Technology errors and omissions (Tech E&O) \|~~technology E&O]], and ~~[[Definition:Miscellaneous professional liability (~~MPL~~) \|MPL]]~~ through its Delaware-domiciled ~~[[Definition:Excess and surplus lines \|~~E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:AM Best \|~~AM Best]] A- stable. The company transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \|MGA]]~~/~~[[Definition:Fronting \|~~fronted program]] to ~~[[Definition:Full-stack carrier \|~~full-stack carrier]] status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic ~~[[Definition:Reinsurer \|~~reinsurer]] venture arm (~~[[Definition:Munich Re \|~~Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with ~~[[Definition:Trisura \|~~Trisura]] Specialty Insurance Company as issuing carrier and The ~~[[Definition:~~Hartford Steam Boiler ~~\|Hartford Steam Boiler]]~~ as lead reinsurer, with ~~[[Definition:Reinsurance \|~~reinsurance]] placed by ~~[[Definition:Guy Carpenter \|~~Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing ~~[[Definition:Vulnerability scanning \|~~vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~dark web monitoring]], AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and ~~[[Definition:Endorsement \|~~endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' ~~[[Definition:Managed detection and response (MDR) \|~~MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to ~~[[Definition:Policyholder \|~~policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery ~~[[Definition:Digital forensics \|~~digital forensics]] and ~~[[Definition:Incident response \|~~incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular ~~[[Definition:Claims-made policy \|~~claims-made]] structure with ~~[[Definition:First-party coverage \|~~first-party]] coverages including incident response costs, ~~[[Definition:Business interruption insurance \|~~business interruption]] (direct and ~~[[Definition:Contingent business interruption \|~~contingent]]), ~~[[Definition:Cyber extortion \|~~cyber extortion]], and financial fraud (~~[[Definition:Social engineering fraud \|~~social engineering]] and ~~[[Definition:Computer fraud \|~~computer fraud]]). ~~[[Definition:~~Third-party ~~coverage \|Third-party]] [[Definition:Insuring agreement \|~~Insuring Agreements]] cover ~~[[Definition:Privacy liability insurance \|~~information privacy liability]], ~~[[Definition:Regulatory liability \|~~regulatory liability]] (including ~~[[Definition:General Data Protection Regulation (~~GDPR~~) \|GDPR]]~~ penalties), ~~[[Definition:Payment Card Industry Data Security Standard (~~PCI-DSS~~) \|PCI-DSS]]~~ liability, ~~[[Definition:Network security liability \|~~network security liability]], and ~~[[Definition:Media liability insurance \|~~media liability]], with notable ~~[[Definition:Exclusion \|~~exclusions]] for war, ~~[[Definition:Infrastructure failure exclusion \|~~infrastructure failure]], and ~~[[Definition:Prior acts exclusion \|~~prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in ~~[[Definition:Gross written premium (GWP) \|~~gross premium]] and a 98% ~~[[Definition:Combined ratio \|~~combined ratio]] in 2023, with ~~[[Definition:Net income \|~~net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through ~~[[Definition:Wholesale broker \|~~wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily ~~[[Definition:Small and medium-sized business (~~SMB~~) \|SMB]]~~ by count but extending to ~~[[Definition:Middle market \|~~mid-market]] and enterprise through its expanded $5B revenue ceiling and $10M ~~[[Definition:Aggregate limit \|~~aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, ~~[[Definition:Cyber aggregation risk \|~~systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S ~~[[Definition:Underwriting \|~~underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

PlumBot: Bot: auto-link insurance terms on Summary:At-Bay

2026-03-17T04:44:52Z

Bot: auto-link insurance terms on Summary:At-Bay

← Older revision		Revision as of 12:44, 17 March 2026
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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. [[Definition:Cyber insurance \|cyber]]-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. [[Definition:Cyber insurance \|cyber]]-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, MDR/MXDR services, and in-house incident response with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in venture capital at a $1.35B post-money valuation and transitioned from an MGA/fronted program to issuing policies on its own paper beginning August 2023, reporting a 98% combined ratio at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] [[Definition:Cyber insurance \|cyber]], [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/MXDR services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in venture capital across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. MDR services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through wholesale brokers and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] [[Definition:Cyber insurance \|cyber]], [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by [[Definition:Trisura \|Trisura]] and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for [[Definition:Policyholder \|policyholders]]. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites [[Definition:Cyber insurance \|cyber]], [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack carrier \|full-stack carrier]] status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \|Trisura]] Specialty Insurance Company as issuing carrier and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to [[Definition:Policyholder \|policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party coverage \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). [[Definition:Third-party coverage \|Third-party]] [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability insurance \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability insurance \|media liability]], with notable [[Definition:Exclusion \|exclusions]] for war, [[Definition:Infrastructure failure exclusion \|infrastructure failure]], and [[Definition:Prior acts exclusion \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \|SMB]] by count but extending to [[Definition:Middle market \|mid-market]] and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Cyber aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

Wikilah admin at 04:44, 17 March 2026

2026-03-17T04:44:19Z

← Older revision		Revision as of 12:44, 17 March 2026
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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. ~~[[Definition:Cyber insurance \|~~ cyber]]-focused ~~[[Definition:Insurtech \|~~ insurtech]], full-stack ~~[[Definition:Excess and surplus lines \|~~ E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, ~~[[Definition:AM Best \|~~ AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. ~~[[Definition:Cyber insurance \|~~ cyber]]-focused ~~[[Definition:Insurtech \|~~ insurtech]] that transitioned from ~~[[Definition:Managing general agent (MGA) \|~~ MGA]] to full-stack ~~[[Definition:Excess and surplus lines \|~~ E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated ~~[[Definition:AM Best \|~~ AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~ insurtech]] founded in 2016 that underwrites ~~[[Definition:Cyber insurance \|~~ cyber]], ~~[[Definition:Technology errors and omissions insurance \|~~ technology E&O]], and ~~[[Definition:Miscellaneous professional liability (MPL) \|~~ MPL]] through its Delaware-domiciled ~~[[Definition:Excess and surplus lines \|~~ E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:~~AM Best ~~\| AM Best]]~~ A- stable. The company operates an InsurSec model that integrates its Stance ~~[[Definition:Exposure management \|~~ exposure management]] platform, ~~[[Definition:Managed detection and response (~~MDR~~) \| MDR]]~~/~~[[Definition:Extended detection and response (XDR) \|~~ MXDR]] services, and in-house ~~[[Definition:Incident response \|~~ incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~ venture capital]] at a $1.35B post-money valuation and transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \| MGA]]~~/~~[[Definition:Fronting \|~~ fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% ~~[[Definition:Combined ratio \|~~ combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, MDR/MXDR services, and in-house incident response with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in venture capital at a $1.35B post-money valuation and transitioned from an MGA/fronted program to issuing policies on its own paper beginning August 2023, reporting a 98% combined ratio at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~ insurtech]] founded in 2016 that underwrites ~~[[Definition:Cyber insurance \|~~ cyber]], ~~[[Definition:Technology errors and omissions insurance \|~~ technology E&O]], and ~~[[Definition:Miscellaneous professional liability (MPL) \|~~ MPL]] through its Delaware-domiciled ~~[[Definition:Excess and surplus lines \|~~ E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:~~AM Best ~~\| AM Best]]~~ A- stable. The company transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \| MGA]]~~/~~[[Definition:Fronting \|~~ fronted program]] structure backed by ~~[[Definition:~~Trisura ~~\| Trisura]]~~ and ~~[[Definition:~~Hartford Steam Boiler ~~\| Hartford Steam Boiler]]~~ to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~ venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, ~~[[Definition:Munich Re \|~~ Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides ~~[[Definition:Vulnerability scanning \|~~ vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~ dark web monitoring]], AI-powered email fraud alerts, and ~~[[Definition:Virtual chief information security officer (vCISO) \|~~ vCISO]] advisory services embedded via an Embedded Security Fee for ~~[[Definition:Policyholder \|~~ policyholders]]. ~~[[Definition:Managed detection and response (~~MDR~~) \| MDR]]~~ services are powered by ~~[[Definition:CrowdStrike \|~~ CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an ~~[[Definition:Extended detection and response (XDR) \|~~ MXDR]] platform with a strategic ~~[[Definition:SentinelOne \|~~ SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through ~~[[Definition:Wholesale broker \|~~ wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in ~~[[Definition:Gross written premium \|~~ gross premium]] and a 98% ~~[[Definition:Combined ratio \|~~ combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in venture capital across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. MDR services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through wholesale brokers and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~ insurtech]] founded in 2016 that underwrites ~~[[Definition:Cyber insurance \|~~ cyber]], ~~[[Definition:Technology errors and omissions insurance \|~~ technology E&O]], and ~~[[Definition:Miscellaneous professional liability (~~MPL~~) \| MPL]]~~ through its Delaware-domiciled ~~[[Definition:Excess and surplus lines \|~~ E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:AM Best \|~~ AM Best]] A- stable. The company transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \| MGA]]~~/~~[[Definition:Fronting \|~~ fronted program]] to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~ venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic ~~[[Definition:Reinsurer \|~~ reinsurer]] venture arm (~~[[Definition:Munich Re \|~~ Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with ~~[[Definition:Trisura \|~~ Trisura]] Specialty Insurance Company as ~~[[Definition:Issuing carrier \|~~ issuing carrier]] and The ~~[[Definition:~~Hartford Steam Boiler ~~\| Hartford Steam Boiler]]~~ as lead reinsurer, with ~~[[Definition:Reinsurance \|~~ reinsurance]] placed by ~~[[Definition:Guy Carpenter \|~~ Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing ~~[[Definition:Vulnerability scanning \|~~ vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~ dark web monitoring]], AI-powered email fraud alerts, ~~[[Definition:Virtual chief information security officer (vCISO) \|~~ vCISO]] advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and ~~[[Definition:Endorsement \|~~ endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' ~~[[Definition:Managed detection and response (MDR) \|~~ MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to ~~[[Definition:Policyholder \|~~ policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by ~~[[Definition:CrowdStrike \|~~ CrowdStrike]] with 24/7 ~~[[Definition:Security operations center (SOC) \|~~ SOC]] monitoring. In July 2025, At-Bay launched an ~~[[Definition:Extended detection and response (XDR) \|~~ MXDR]] platform and a strategic alliance with ~~[[Definition:SentinelOne \|~~ SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery ~~[[Definition:Digital forensics \|~~ digital forensics]] and ~~[[Definition:Incident response \|~~ incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular ~~[[Definition:Claims-made policy \|~~ claims-made]] structure with ~~[[Definition:First-party insurance \|~~ first-party]] coverages including incident response costs, ~~[[Definition:Business interruption insurance \|~~ business interruption]] (direct and ~~[[Definition:Contingent business interruption \|~~ contingent]]), ~~[[Definition:Cyber extortion \|~~ cyber extortion]], and ~~[[Definition:Financial fraud coverage \|~~ financial fraud]] (~~[[Definition:Social engineering fraud \|~~ social engineering]] and ~~[[Definition:Computer fraud coverage \|~~ computer fraud]]). ~~[[Definition:~~Third-party ~~insurance \| Third-party]] [[Definition:Insuring agreement \|~~ Insuring Agreements]] cover ~~[[Definition:Privacy liability insurance \|~~ information privacy liability]], ~~[[Definition:Regulatory liability \|~~ regulatory liability]] (including ~~[[Definition:General Data Protection Regulation (GDPR) \|~~ GDPR]] penalties), ~~[[Definition:Payment Card Industry Data Security Standard (~~PCI-DSS~~) \| PCI-DSS]]~~ liability, ~~[[Definition:Network security liability \|~~ network security liability]], and ~~[[Definition:Media liability insurance \|~~ media liability]], with notable ~~[[Definition:Exclusion \|~~ exclusions]] for war, infrastructure failure, and ~~[[Definition:Prior acts exclusion \|~~ prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in ~~[[Definition:Gross written premium \|~~ gross premium]] and a 98% ~~[[Definition:Combined ratio \|~~ combined ratio]] in 2023, with ~~[[Definition:Net income \|~~ net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through ~~[[Definition:Wholesale broker \|~~ wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily ~~[[Definition:Small and medium-sized business (SMB) \|~~ SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M ~~[[Definition:Aggregate limit \|~~ aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic ~~[[Definition:Cyber aggregation risk \|~~ cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S ~~[[Definition:Underwriting \|~~ underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

PlumBot: Bot: auto-link insurance terms on Summary:At-Bay

2026-03-17T04:35:45Z

Bot: auto-link insurance terms on Summary:At-Bay

← Older revision		Revision as of 12:35, 17 March 2026
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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. [[Definition:Cyber insurance \| cyber]]-focused [[Definition:Insurtech \| insurtech]], full-stack [[Definition:Excess and surplus lines \| E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \| AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. [[Definition:Cyber insurance \| cyber]]-focused [[Definition:Insurtech \| insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \| MGA]] to full-stack [[Definition:Excess and surplus lines \| E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \| AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, MDR/MXDR services, and in-house incident response with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in venture capital at a $1.35B post-money valuation and transitioned from an MGA/fronted program to issuing policies on its own paper beginning August 2023, reporting a 98% combined ratio at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \| insurtech]] founded in 2016 that underwrites [[Definition:Cyber insurance \| cyber]], [[Definition:Technology errors and omissions insurance \| technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \| MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \| E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \| AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance [[Definition:Exposure management \| exposure management]] platform, [[Definition:Managed detection and response (MDR) \| MDR]]/[[Definition:Extended detection and response (XDR) \| MXDR]] services, and in-house [[Definition:Incident response \| incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \| venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \| MGA]]/[[Definition:Fronting \| fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \| combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in venture capital across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. MDR services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through wholesale brokers and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \| insurtech]] founded in 2016 that underwrites [[Definition:Cyber insurance \| cyber]], [[Definition:Technology errors and omissions insurance \| technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \| MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \| E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \| AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \| MGA]]/[[Definition:Fronting \| fronted program]] structure backed by [[Definition:Trisura \| Trisura]] and [[Definition:Hartford Steam Boiler \| Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in [[Definition:Venture capital \| venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, [[Definition:Munich Re \| Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \| vulnerability scanning]], [[Definition:Dark web monitoring \| dark web monitoring]], AI-powered email fraud alerts, and [[Definition:Virtual chief information security officer (vCISO) \| vCISO]] advisory services embedded via an Embedded Security Fee for [[Definition:Policyholder \| policyholders]]. [[Definition:Managed detection and response (MDR) \| MDR]] services are powered by [[Definition:CrowdStrike \| CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \| MXDR]] platform with a strategic [[Definition:SentinelOne \| SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \| wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \| gross premium]] and a 98% [[Definition:Combined ratio \| combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \| insurtech]] founded in 2016 that underwrites [[Definition:Cyber insurance \| cyber]], [[Definition:Technology errors and omissions insurance \| technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \| MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \| E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \| AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \| MGA]]/[[Definition:Fronting \| fronted program]] to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \| venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic [[Definition:Reinsurer \| reinsurer]] venture arm ([[Definition:Munich Re \| Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \| Trisura]] Specialty Insurance Company as [[Definition:Issuing carrier \| issuing carrier]] and The [[Definition:Hartford Steam Boiler \| Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \| reinsurance]] placed by [[Definition:Guy Carpenter \| Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \| vulnerability scanning]], [[Definition:Dark web monitoring \| dark web monitoring]], AI-powered email fraud alerts, [[Definition:Virtual chief information security officer (vCISO) \| vCISO]] advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement \| endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \| MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to [[Definition:Policyholder \| policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \| CrowdStrike]] with 24/7 [[Definition:Security operations center (SOC) \| SOC]] monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \| MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \| SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \| digital forensics]] and [[Definition:Incident response \| incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \| claims-made]] structure with [[Definition:First-party insurance \| first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \| business interruption]] (direct and [[Definition:Contingent business interruption \| contingent]]), [[Definition:Cyber extortion \| cyber extortion]], and [[Definition:Financial fraud coverage \| financial fraud]] ([[Definition:Social engineering fraud \| social engineering]] and [[Definition:Computer fraud coverage \| computer fraud]]). [[Definition:Third-party insurance \| Third-party]] [[Definition:Insuring agreement \| Insuring Agreements]] cover [[Definition:Privacy liability insurance \| information privacy liability]], [[Definition:Regulatory liability \| regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \| GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \| PCI-DSS]] liability, [[Definition:Network security liability \| network security liability]], and [[Definition:Media liability insurance \| media liability]], with notable [[Definition:Exclusion \| exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion \| prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \| gross premium]] and a 98% [[Definition:Combined ratio \| combined ratio]] in 2023, with [[Definition:Net income \| net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \| wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \| SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \| aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic [[Definition:Cyber aggregation risk \| cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \| underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

Wikilah admin at 04:34, 17 March 2026

2026-03-17T04:34:58Z

← Older revision		Revision as of 12:34, 17 March 2026
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	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~ insurtech]] founded in 2016 that underwrites ~~[[Definition:Cyber insurance \|~~ cyber]], ~~[[Definition:Technology errors and omissions (Tech E&O) \|~~ technology E&O]], and ~~[[Definition:Management and professional liability (MPL) \|~~ MPL]] through its Delaware-domiciled ~~[[Definition:Excess and surplus lines (E&S) \|~~ E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:~~AM Best ~~\| AM Best]]~~ A- stable. The company operates an ~~[[Definition:InsurSec \|~~ InsurSec]] model that integrates its Stance ~~[[Definition:Exposure management \|~~ exposure management]] platform, ~~[[Definition:Managed detection and response (~~MDR~~) \| MDR]]~~/~~[[Definition:Managed extended detection and response (~~MXDR~~) \| MXDR]]~~ services, and in-house ~~[[Definition:Incident response \|~~ incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~ venture capital]] at a $1.35B ~~[[Definition:Post-money valuation \|~~ post-money valuation]] and transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \| MGA]]~~/~~[[Definition:Fronting arrangement \|~~ fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% ~~[[Definition:Combined ratio \|~~ combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, MDR/MXDR services, and in-house incident response with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in venture capital at a $1.35B post-money valuation and transitioned from an MGA/fronted program to issuing policies on its own paper beginning August 2023, reporting a 98% combined ratio at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~ insurtech]] founded in 2016 that underwrites ~~[[Definition:Cyber insurance \|~~ cyber]], ~~[[Definition:Technology errors and omissions (Tech E&O) \|~~ technology E&O]], and ~~[[Definition:Management and professional liability (MPL) \|~~ MPL]] through its Delaware-domiciled ~~[[Definition:Excess and surplus lines (E&S) \|~~ E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:~~AM Best ~~\| AM Best]]~~ A- stable. The company transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \| MGA]]~~/~~[[Definition:Fronting arrangement \|~~ fronted program]] structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a ~~[[Definition:Full-stack carrier \|~~ full-stack carrier]] evolution. At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~ venture capital]] across six rounds at a $1.35B ~~[[Definition:Post-money valuation \|~~ post-money valuation]], with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''~~[[Definition:InsurSec \|~~ InsurSec]] platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides ~~[[Definition:Vulnerability scanning \|~~ vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~ dark web monitoring]], AI-powered ~~[[Definition:Email fraud (insurance) \|~~ email fraud]] alerts, and ~~[[Definition:Virtual chief information security officer (vCISO) \|~~ vCISO]] advisory services embedded via an Embedded Security Fee for policyholders. ~~[[Definition:Managed detection and response (~~MDR~~) \| MDR]]~~ services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an ~~[[Definition:Managed extended detection and response (MXDR) \|~~ MXDR]] platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through ~~[[Definition:Wholesale broker \|~~ wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level ~~[[Definition:Statutory accounting principles (SAP) \|~~ statutory reporting]] shows $154.5M in ~~[[Definition:Gross written premium (GWP) \|~~ gross premium]] and a 98% ~~[[Definition:Combined ratio \|~~ combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in venture capital across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. MDR services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through wholesale brokers and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based ~~[[Definition:Insurtech \|~~ insurtech]] founded in 2016 that underwrites ~~[[Definition:Cyber insurance \|~~ cyber]], ~~[[Definition:Technology errors and omissions (Tech E&O) \|~~ technology E&O]], and ~~[[Definition:Management and professional liability (~~MPL~~) \| MPL]]~~ through its Delaware-domiciled ~~[[Definition:Excess and surplus lines (E&S) \|~~ E&S carrier]], At-Bay Specialty Insurance Company, rated ~~[[Definition:~~AM Best ~~\| AM Best]]~~ A- stable. The company transitioned from an ~~[[Definition:Managing general agent (~~MGA~~) \| MGA]]~~/~~[[Definition:Fronting arrangement \|~~ fronted program]] to ~~[[Definition:Full-stack carrier \|~~ full-stack carrier]] status, completing its ~~[[Definition:Carrier acquisition \|~~ carrier acquisition]] from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in ~~[[Definition:Venture capital \|~~ venture capital]] at a $1.35B ~~[[Definition:Post-money valuation \|~~ post-money valuation]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a ~~[[Definition:Series D funding \|~~ Series D]] extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic ~~[[Definition:Reinsurer \|~~ reinsurer]] venture arm (Munich Re Ventures), and a ~~[[Definition:Corporate venture capital \|~~ corporate venture]] fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted ~~[[Definition:Insurance program \|~~ program]] launched in May 2022 with Trisura Specialty Insurance Company as ~~[[Definition:Issuing carrier \|~~ issuing carrier]] and The Hartford Steam Boiler as ~~[[Definition:Lead reinsurer \|~~ lead reinsurer]], with ~~[[Definition:Reinsurance \|~~ reinsurance]] placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''~~[[Definition:InsurSec \|~~ InsurSec]] platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing ~~[[Definition:Vulnerability scanning \|~~ vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~ dark web monitoring]], AI-powered ~~[[Definition:Email fraud (insurance) \|~~ email fraud]] alerts, ~~[[Definition:Virtual chief information security officer (~~vCISO~~) \| vCISO]]~~ advisory, and ~~[[Definition:Security awareness training \|~~ security awareness training]]. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' ~~[[Definition:Managed detection and response (~~MDR~~) \| MDR]]~~ services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 ~~[[Definition:Security operations center (~~SOC~~) \| SOC]]~~ monitoring. In July 2025, At-Bay launched an ~~[[Definition:Managed extended detection and response (MXDR) \|~~ MXDR]] platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery ~~[[Definition:Digital forensics \|~~ digital forensics]] and ~~[[Definition:Incident response \|~~ incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular ~~[[Definition:Claims-made policy \|~~ claims-made]] structure with ~~[[Definition:First-party coverage \|~~ first-party coverages]] including incident response costs, ~~[[Definition:Business interruption insurance \|~~ business interruption]] (direct and contingent), ~~[[Definition:Cyber extortion \|~~ cyber extortion]], and ~~[[Definition:Financial fraud coverage \|~~ financial fraud]] (~~[[Definition:Social engineering fraud \|~~ social engineering]] and ~~[[Definition:Computer fraud coverage \|~~ computer fraud]]). Third-party Insuring Agreements cover ~~[[Definition:Privacy liability \|~~ information privacy liability]], ~~[[Definition:Regulatory liability \|~~ regulatory liability]] (including ~~[[Definition:General Data Protection Regulation (GDPR) \|~~ GDPR]] penalties), ~~[[Definition:~~PCI-DSS liability ~~\| PCI-DSS liability]]~~, ~~[[Definition:Network security liability \|~~ network security liability]], and ~~[[Definition:Media liability \|~~ media liability]], with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level ~~[[Definition:Statutory accounting principles (SAP) \|~~ statutory reporting]] shows $154.5M in ~~[[Definition:Gross written premium (GWP) \|~~ gross premium]] and a 98% ~~[[Definition:Combined ratio \|~~ combined ratio]] in 2023, with ~~[[Definition:Net income (insurance) \|~~ net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through ~~[[Definition:Wholesale broker \|~~ wholesale brokers]] and digital channels, operating a dedicated broker platform and ~~[[Definition:Application programming interface (API) — insurance \|~~ API]] strategy reinforced by its August 2022 acquisition of Relay, a ~~[[Definition:Multi-carrier platform \|~~ multi-carrier~~]] [[Definition:Digital distribution (insurance) \|~~ digital distribution]] marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily ~~[[Definition:Small and medium-sized business (~~SMB~~) \| SMB]]~~ by count but extending to ~~[[Definition:Mid-market insurance \|~~ mid-market]] and enterprise through its expanded $5B revenue ceiling and $10M ~~[[Definition:Aggregate limit \|~~ aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic ~~[[Definition:Cyber aggregation risk \|~~ cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S ~~[[Definition:Underwriting \|~~ underwriting]] and corporate control transactions, and technology execution risk tied to ~~[[Definition:Third-party liability \|~~ third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

← Older revision		Revision as of 00:31, 6 April 2026
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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|5}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.

← Older revision		Revision as of 15:10, 17 March 2026
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	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/MXDR services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~dark web monitoring]], AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Insurance \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \|Trisura Specialty Insurance Company]] as ~~[[Definition:Issuing carrier \|~~issuing carrier]] and ~~The~~ [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], ~~[[Definition:Dark web monitoring \|~~dark web monitoring]], AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and ~~[[Definition:Endorsement \|~~endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber ~~[[Definition:Policy form \|~~policy form]] (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party coverage \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability \|media liability]], with notable [[Definition:Exclusion \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated ~~[[Definition:Broker platform \|~~broker platform]] and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily ~~[[Definition:Small and medium-sized business (~~SMB~~) \|SMB]]~~ by count but extending to ~~[[Definition:Mid-market insurance \|~~mid-market]] and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, ~~systemic~~ [[Definition:Cyber aggregation risk \|cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to ~~[[Definition:Third-party coverage \|~~third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Insurance \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \|Trisura Specialty Insurance Company]] as issuing carrier and [[Definition:Hartford Steam Boiler (HSB) \|The Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party coverage \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and [[Definition:Financial fraud coverage \|financial fraud]] ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability \|media liability]], with notable [[Definition:Exclusion \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Cyber aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

← Older revision		Revision as of 15:08, 17 March 2026
Line 2:		Line 2:
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions ~~insurance~~ \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance ~~[[Definition:Exposure management \|~~exposure management]] platform, [[Definition:Managed detection and response (MDR) \|MDR]]/~~[[Definition:Extended detection and response (XDR) \|~~MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/MXDR services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions ~~insurance~~ \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, and ~~[[Definition:Virtual chief information security officer (~~vCISO~~) \|vCISO]]~~ advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an ~~[[Definition:Extended detection and response (XDR) \|~~MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions ~~insurance~~ \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to full-stack carrier status, completing its carrier acquisition from [[Definition:~~AXA~~ XL \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura ~~Group~~ \|Trisura Specialty Insurance Company]] as issuing carrier and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, ~~[[Definition:Virtual chief information security officer (~~vCISO~~) \|vCISO]]~~ advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement ~~(insurance)~~ \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 ~~[[Definition:Security operations center (~~SOC~~) \|SOC]]~~ monitoring. In July 2025, At-Bay launched an ~~[[Definition:Extended detection and response (XDR) \|~~MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party ~~insurance~~ \|first-party ~~coverages~~]] including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption ~~insurance~~ \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and ~~[[Definition:Financial fraud coverage \|~~financial fraud]] ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability ~~insurance~~ \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability ~~insurance~~ \|media liability]], with notable [[Definition:Exclusion ~~(insurance)~~ \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts ~~coverage~~ \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) ~~insurance~~ \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:~~Aggregation~~ risk \|~~systemic~~ cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to [[Definition:Third-party ~~insurance~~ \|third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (Tech E&O) \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Insurance \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura \|Trisura Specialty Insurance Company]] as [[Definition:Issuing carrier \|issuing carrier]] and The [[Definition:Hartford Steam Boiler (HSB) \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber [[Definition:Policy form \|policy form]] (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party coverage \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability \|media liability]], with notable [[Definition:Exclusion \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium (GWP) \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated [[Definition:Broker platform \|broker platform]] and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \|SMB]] by count but extending to [[Definition:Mid-market insurance \|mid-market]] and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic [[Definition:Cyber aggregation risk \|cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to [[Definition:Third-party coverage \|third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

← Older revision		Revision as of 14:36, 17 March 2026
Line 1:		Line 1:
	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], ~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an ~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an InsurSec model that integrates its Stance [[Definition:Exposure management \|exposure management]] platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that ~~[[Definition:Underwriting \|~~underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a ~~[[Definition:Full-stack insurance carrier \|~~full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for ~~[[Definition:Policyholder \|~~policyholders]]. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including [[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, and [[Definition:Virtual chief information security officer (vCISO) \|vCISO]] advisory services embedded via an Embedded Security Fee for policyholders. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to ~~[[Definition:Full-stack insurance carrier \|~~full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL ~~Group~~ \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura Group \|Trisura Specialty Insurance Company]] as ~~[[Definition:Issuing carrier \|~~issuing carrier]] and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''~~[[Definition:~~InsurSec ~~\|InsurSec]]~~ platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement (insurance) \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to ~~[[Definition:Policyholder \|~~policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party insurance \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability insurance \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability insurance \|media liability]], with notable [[Definition:Exclusion (insurance) \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts coverage \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level ~~[[Definition:Statutory accounting \|~~statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to full-stack carrier status, completing its carrier acquisition from [[Definition:AXA XL \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds ([[Definition:Lightspeed Venture Partners \|Lightspeed Venture Partners]], [[Definition:Khosla Ventures \|Khosla Ventures]], Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura Group \|Trisura Specialty Insurance Company]] as issuing carrier and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], [[Definition:Dark web monitoring \|dark web monitoring]], AI-powered email fraud alerts, [[Definition:Virtual chief information security officer (vCISO) \|vCISO]] advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement (insurance) \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 [[Definition:Security operations center (SOC) \|SOC]] monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party insurance \|first-party coverages]] including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption insurance \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and [[Definition:Financial fraud coverage \|financial fraud]] ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability insurance \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability insurance \|media liability]], with notable [[Definition:Exclusion (insurance) \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts coverage \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) insurance \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to [[Definition:Third-party insurance \|third-party]] vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}

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	{{#switch: {{{1\|3}}}		{{#switch: {{{1\|3}}}
	\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-		\|1 = {{#if:{{{bullet\|}}}\|* }}U.S. cyber-focused [[Definition:Insurtech \|insurtech]], full-stack [[Definition:Excess and surplus lines \|E&S carrier]], [[Definition:InsurSec \|InsurSec]] model, $292M raised, $1.35B valuation, [[Definition:AM Best \|AM Best]] A-
	\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused insurtech that transitioned from MGA to full-stack E&S carrier, combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated AM Best A- stable.		\|2 = {{#if:{{{bullet\|}}}\|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech \|insurtech]] that transitioned from [[Definition:Managing general agent (MGA) \|MGA]] to full-stack [[Definition:Excess and surplus lines \|E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best \|AM Best]] A- stable.
	\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company operates an InsurSec model that integrates its Stance exposure management platform, MDR/MXDR services, and in-house incident response with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in venture capital at a $1.35B post-money valuation and transitioned from an MGA/fronted program to issuing policies on its own paper beginning August 2023, reporting a 98% combined ratio at the carrier level in 2023.		\|3 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company operates an [[Definition:InsurSec \|InsurSec]] model that integrates its Stance exposure management platform, [[Definition:Managed detection and response (MDR) \|MDR]]/[[Definition:Extended detection and response (XDR) \|MXDR]] services, and in-house [[Definition:Incident response \|incident response]] with its insurance products, serving close to 40,000 businesses with revenue up to $5B. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation and transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to issuing policies on its own paper beginning August 2023, reporting a 98% [[Definition:Combined ratio \|combined ratio]] at the carrier level in 2023.
	\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a full-stack carrier evolution. At-Bay has raised $292M in venture capital across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, Munich Re Ventures, and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for policyholders. MDR services are powered by CrowdStrike and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an MXDR platform with a strategic SentinelOne alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through wholesale brokers and digital channels including its acquired Relay marketplace. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.		\|4 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that [[Definition:Underwriting \|underwrites]] cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] structure backed by Trisura and [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] to issuing policies on its own E&S paper beginning August 2023, completing a [[Definition:Full-stack insurance carrier \|full-stack carrier]] evolution. At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, Khosla Ventures, Icon Ventures, [[Definition:Munich Re \|Munich Re Ventures]], and M12.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''[[Definition:InsurSec \|InsurSec]] platform.''' At-Bay differentiates through an integrated insurance-and-security model anchored by its Stance Exposure Management platform, which provides [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, and vCISO advisory services embedded via an Embedded Security Fee for [[Definition:Policyholder \|policyholders]]. [[Definition:Managed detection and response (MDR) \|MDR]] services are powered by [[Definition:CrowdStrike \|CrowdStrike]] and sold separately through subsidiary At-Bay Security, LLC, and in July 2025 the company launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform with a strategic [[Definition:SentinelOne \|SentinelOne]] alliance.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Scale and performance.''' At-Bay serves close to 40,000 U.S. businesses with revenue up to $5B, distributing through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels including its acquired Relay marketplace. Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, while company-disclosed annual recurring GWP reached $380M as of January 2023 with over 300 employees across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.
	\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''InsurSec platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.		\|5 = {{#if:{{{bullet\|}}}\|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech \|insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions insurance \|technology E&O]], and [[Definition:Miscellaneous professional liability (MPL) \|MPL]] through its Delaware-domiciled [[Definition:Excess and surplus lines \|E&S carrier]], At-Bay Specialty Insurance Company, rated [[Definition:AM Best \|AM Best]] A- stable. The company transitioned from an [[Definition:Managing general agent (MGA) \|MGA]]/[[Definition:Fronting \|fronted program]] to [[Definition:Full-stack insurance carrier \|full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Group \|XL Insurance America]] in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in [[Definition:Venture capital \|venture capital]] at a $1.35B post-money valuation.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}💰 '''Funding and investors.''' At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic [[Definition:Reinsurer \|reinsurer]] venture arm ([[Definition:Munich Re \|Munich Re Ventures]]), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🏗️ '''Carrier evolution.''' In its initial phase, At-Bay operated a fronted program launched in May 2022 with [[Definition:Trisura Group \|Trisura Specialty Insurance Company]] as [[Definition:Issuing carrier \|issuing carrier]] and The [[Definition:Hartford Steam Boiler \|Hartford Steam Boiler]] as lead reinsurer, with [[Definition:Reinsurance \|reinsurance]] placed by [[Definition:Guy Carpenter \|Guy Carpenter]]. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🔒 '''[[Definition:InsurSec \|InsurSec]] platform.''' At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing [[Definition:Vulnerability scanning \|vulnerability scanning]], dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and [[Definition:Endorsement (insurance) \|endorsement]], while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🖥️ '''Managed security services.''' [[Definition:Managed detection and response (MDR) \|MDR]] services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to [[Definition:Policyholder \|policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike \|CrowdStrike]] with 24/7 SOC monitoring. In July 2025, At-Bay launched an [[Definition:Extended detection and response (XDR) \|MXDR]] platform and a strategic alliance with [[Definition:SentinelOne \|SentinelOne]], expanding its managed security product line alongside its in-house Response & Recovery [[Definition:Digital forensics \|digital forensics]] and [[Definition:Incident response \|incident response]] team.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📜 '''Policy coverage.''' The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular [[Definition:Claims-made policy \|claims-made]] structure with [[Definition:First-party insurance \|first-party]] coverages including incident response costs, [[Definition:Business interruption insurance \|business interruption]] (direct and [[Definition:Contingent business interruption \|contingent]]), [[Definition:Cyber extortion \|cyber extortion]], and financial fraud ([[Definition:Social engineering fraud \|social engineering]] and [[Definition:Computer fraud \|computer fraud]]). Third-party [[Definition:Insuring agreement \|Insuring Agreements]] cover [[Definition:Privacy liability insurance \|information privacy liability]], [[Definition:Regulatory liability \|regulatory liability]] (including [[Definition:General Data Protection Regulation (GDPR) \|GDPR]] penalties), [[Definition:Payment Card Industry Data Security Standard (PCI-DSS) \|PCI-DSS]] liability, [[Definition:Network security liability \|network security liability]], and [[Definition:Media liability insurance \|media liability]], with notable [[Definition:Exclusion (insurance) \|exclusions]] for war, infrastructure failure, and [[Definition:Prior acts coverage \|prior acts]].{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}📊 '''Financial performance.''' Carrier-level [[Definition:Statutory accounting \|statutory reporting]] shows $154.5M in [[Definition:Gross written premium \|gross premium]] and a 98% [[Definition:Combined ratio \|combined ratio]] in 2023, with [[Definition:Net income \|net income]] of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}🤝 '''Distribution and market.''' At-Bay distributes through [[Definition:Wholesale broker \|wholesale brokers]] and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily [[Definition:Small and medium-sized business (SMB) \|SMB]] by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M [[Definition:Aggregate limit \|aggregate limit]] architecture.{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|\|{{pb}}}}{{#if:{{{bullet\|}}}\|* }}⚠️ '''Risk factors.''' Key risk considerations include continued reliance on reinsurance despite the carrier transition, [[Definition:Aggregation risk \|systemic cyber aggregation]] exposure across first-party coverages, regulatory scrutiny inherent in E&S [[Definition:Underwriting \|underwriting]] and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.
	}}		}}