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Cyber insurtech MGAs and underwriting agencies: Difference between revisions

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{{Summary:{{PAGENAME}}}}
🌐 '''A rapidly maturing ecosystem of cyber-specialist MGAs is reshaping how businesses access cyber insurance worldwide.''' Over the past decade, a wave of insurtech managing general agents has emerged across North America, Europe, and Asia-Pacific, each combining delegated underwriting authority with proprietary technology, embedded cybersecurity services, and data-driven risk selection. This landscape now spans more than twenty dedicated cyber MGAs — from venture-backed unicorns like Coalition ($5B valuation, $770M raised) and At-Bay ($1.35B valuation, $292M raised) to nimble European challengers such as Stoïk, Baobab, and Dattak, and specialist platforms in Australia including Emergence Insurance and Sync Underwriting. Together, these players are building a new category of integrated "InsurSec" platforms that blur the line between insurance distribution and managed cybersecurity operations, challenging traditional carrier-led models with faster underwriting, continuous monitoring, and bundled prevention services.
 
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🔄 '''The competitive landscape is entering a consolidation phase, with strategic acquirers and incumbent carriers accelerating M&A activity.''' Several landmark transactions have already reshaped the market: Travelers acquired Corvus Insurance for approximately $435M in early 2024, Zurich Insurance Group completed its full acquisition of BOXX Insurance in July 2025, Ryan Specialty absorbed Pera through its USQRisk acquisition in May 2025, and Brown & Brown integrated Evolve MGA via the Nexus/Kentro Capital deal in late 2023. Meanwhile, Cogitanda was rescued from insolvency by cybersecurity firm DGC AG, and Stoïk executed its first inorganic move by acquiring Belgian competitor CyberContract. These transactions signal that the standalone cyber MGA model is increasingly gravitating toward strategic partnerships, carrier ownership, or platform roll-ups — raising critical questions about which remaining independent players represent the most compelling acquisition targets.
 
== Overview of key players ==
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|+ 🛡️ Cyber insurtech MGA competitive landscape
|-
! scope="col" style="text-align:center; width:80px;" | Logo
! scope="col" style="text-align:center; width:80px;" | Company
! scope="col" style="text-align:center;" | Founded
! scope="col" style="text-align:center;" | HQ location
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| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA / Carrier
| style="text-align:left;" | SMEsSME to Enterprise
| style="text-align:left;" | {{Summary:At-Bay|1}}
|- style="background:#f2f2f2;"
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| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Upper Mid-Market
| style="text-align:left;" | {{Summary:Baobab Insurance|1}}
|- style="background:#ffffff;"
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| style="text-align:left;" | [[Cogitanda]]
| style="text-align:center;" | 2016
| style="text-align:left;" | {{flagicon|Germany}}, AltenahrFlensburg
| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA / Carrier
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | {{Summary:Cogitanda|1}}
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| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-MarketLarge
| style="text-align:left;" | {{Summary:Corvus Insurance|1}}
|- style="background:#f2f2f2;"
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| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | {{Summary:Cowbell|1}}
|- style="background:#ffffff;"
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| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Upper Mid-Market
| style="text-align:left;" | {{Summary:Dattak|1}}
|- style="background:#f2f2f2;"
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| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | {{Summary:Eye Security|1}}
|- style="background:#f2f2f2;"
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| style="text-align:center;" | [[File:Logo of Measured Analytics and Insurance.svg|80px|link=Measured Analytics and Insurance]]
| style="text-align:left;" | [[Measured Analytics and Insurance]]
| style="text-align:center;" | 20202018
| style="text-align:left;" | {{flagicon|USA}}, UT, Salt Lake City
| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | {{Summary:Measured Analytics and Insurance|1}}
|- style="background:#f2f2f2;"
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| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | {{Summary:Stoïk|1}}
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Sync Underwriting.svg|80px|link=Sync Underwriting]]
| style="text-align:left;" | [[Sync Underwriting]]
| style="text-align:center;" | 20202024
| style="text-align:left;" | {{flagicon|Australia}}, Sydney
| style="text-align:left;" | Asia-Pacific
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<div style="overflow-x: auto;">
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|+ 🛡️ Cyber Insurtech MGA — M&A Opportunity Comparison Table
|-
! scope="col" style="text-align:center; width:80px;" | Logo
! scope="col" style="text-align:center; width:80px;" | Company
! scope="col" style="text-align:center;" | Founded
! scope="col" style="text-align:center;" | HQ location
! scope="col" style="text-align:center;" | Main region
! scope="col" style="text-align:center;" | Est. GWP
! scope="col" style="text-align:center;" | Total Funding
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| style="text-align:center;" | [[File:Logo of At-Bay.svg|80px|link=At-Bay]]
| style="text-align:left;" | [[At-Bay]]
| style="text-align:center;" | 2016
| style="text-align:left;" | {{flagicon|USA}}, CA, San Francisco
| style="text-align:left;" | North America
| style="text-align:left;" | $380M ARR (Jan 2023)
| style="text-align:left;" | $292M
| style="text-align:left;" | $1.35B (2021)
| style="text-align:left;" | Lightspeed, Khosla, Icon Ventures, Munich Re Ventures, M12, Qumra Capital, Acrew Capital, ION Crossover Partners
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | NoneAXA identifiedSA listed as reinsurer in capacity panel
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Baobab Insurance.svg|80px|link=Baobab Insurance]]
| style="text-align:left;" | [[Baobab Insurance]]
| style="text-align:centerleft;" | 2021n.d.
| style="text-align:left;" | {{flagicon|Germany}}, Berlin
| style="text-align:left;" | Europe
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | €20.1M
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | ProjectViola AFinTech, eCAPITAL, Augmentum Fintech, ViolaProject FinTechA Ventures, eCAPITALLa Famiglia, Discovery Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of BOXX Insurance.svg|80px|link=BOXX Insurance]]
| style="text-align:left;" | [[BOXX Insurance]]
| style="text-align:centerleft;" | 2018n.d.
| style="text-align:left;" | {{flagicon|Canada}}, Toronto
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | $24.5M
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Zurich Insurance Group (full owner), Cyber Mentor Fund, SixThirty
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Zurich (July 2025)
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| style="text-align:center;" | [[File:Logo of Coalition.svg|80px|link=Coalition]]
| style="text-align:left;" | [[Coalition]]
| style="text-align:center;" | 2017
| style="text-align:left;" | {{flagicon|USA}}, CA, San Francisco
| style="text-align:left;" | North America
| style="text-align:left;" | $775M+ run rate (July 2022)
| style="text-align:left;" | $770M
| style="text-align:left;" | $5B (2022)
| style="text-align:left;" | Allianz X, Index Ventures, Ribbit Capital, T. Rowe Price, Durable Capital, Whale Rock, Valor Equity Partners, General Atlantic
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Historical carrier lineage: Coalition Insurance Company predecessor names include "AXA Art Insurance Corporation" (shell lineage only, no present-day AXA tie)
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Cogitanda.svg|80px|link=Cogitanda]]
| style="text-align:left;" | [[Cogitanda]]
| style="text-align:centerleft;" | 2016n.d.
| style="text-align:left;" | {{flagicon|Germany}}, Altenahrn.d.
| style="text-align:left;" | Europen.d.
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | DGC AG (post-insolvency acquirer)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by DGC AG from insolvency (Mar 2025)
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| style="text-align:center;" | [[File:Logo of Converge Insurance.svg|80px|link=Converge Insurance]]
| style="text-align:left;" | [[Converge Insurance]]
| style="text-align:centerleft;" | 2021n.d.
| style="text-align:left;" | {{flagicon|USA}}, NY, New York
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | $20M
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Forgepoint Capital, QBE Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
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| style="text-align:center;" | [[File:Logo of Corvus Insurance.svg|80px|link=Corvus Insurance]]
| style="text-align:left;" | [[Corvus Insurance]]
| style="text-align:center;" | 2017
| style="text-align:left;" | {{flagicon|USA}}, MA, Boston
| style="text-align:left;" | North America
| style="text-align:left;" | $200M+ book
| style="text-align:left;" | $162M
| style="text-align:left;" | ~$750M (Series C)
| style="text-align:left;" | Travelers (full owner), Bain Capital Ventures, Insight Partners, Telstra Ventures, .406 Ventures
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Travelers (~$435M, Jan 2024)
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Cowbell.svg|80px|link=Cowbell]]
| style="text-align:left;" | [[Cowbell]]
| style="text-align:center;" | 2019
| style="text-align:left;" | {{flagicon|USA}}, CA, Pleasanton
| style="text-align:left;" | North America
| style="text-align:left;" | $200M+ run rate (2021)
| style="text-align:left;" | $208.3M+
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Zurich Insurance Group, Anthemis, Permira, Prosperity7, PermiraBrewer Lane Ventures, PruVen Capital, NYCA Partners, Viola FinTech, ManchesterStory
| style="background:#fff3cd; text-align:left;" | No — Independent (Zurich strategic investor)
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Dattak.svg|80px|link=Dattak]]
| style="text-align:left;" | [[Dattak]]
| style="text-align:center;" | 2021
| style="text-align:left;" | {{flagicon|France}}, Paris
| style="text-align:left;" | Europe
| style="text-align:left;" | €10M (2024); €22M target (2025)
| style="text-align:left;" | €18M
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | XAnge, Breega, Bpifrance
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | CEO Charlotte Couallier is former AXA France commercial partnerships director; board member Matthieu Bébéar is ex-Chief Business Officer of AXA
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Elpha Secure.svg|80px|link=Elpha Secure]]
| style="text-align:left;" | [[Elpha Secure]]
| style="text-align:centerleft;" | 2018n.d.
| style="text-align:left;" | {{flagicon|USA}}, NY, New York
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | >$29M
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Canapi Ventures, Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, EOS Venture Partners
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Emergence Insurance.svg|80px|link=Emergence Insurance]]
| style="text-align:left;" | [[Emergence Insurance]]
| style="text-align:centerleft;" | 2015n.d.
| style="text-align:left;" | {{flagicon|Australia}}, Sydneyn.d.
| style="text-align:left;" | Asia-Pacificn.d.
| style="text-align:left;" | NotSteadfast disclosedGroup Limited (33.33%), Hollard Insurance
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Steadfast Group (33.33%), Hollard Insurance
| style="background:#fff3cd; text-align:left;" | No — Independent (Steadfast associate)
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Evolve MGA.svg|80px|link=Evolve MGA]]
| style="text-align:left;" | [[Evolve MGA]]
| style="text-align:centerleft;" | 2015n.d.
| style="text-align:left;" | {{flagicon|USA}}, CA, San Diego
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | None (acquired)
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Brown & Brown / Nexus Underwriting (full owner)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Nexus / Brown & Brown (2023)
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| style="text-align:center;" | [[File:Logo of Eye Security.svg|80px|link=Eye Security]]
| style="text-align:left;" | [[Eye Security]]
| style="text-align:centerleft;" | 2020n.d.
| style="text-align:left;" | {{flagicon|Netherlands}}, The Hague
| style="text-align:left;" | Europe
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | €57.5M
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | J.P. Morgan Growth Equity Partners, Bessemer Venture Partners, TIN Capital
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Invision Cyber.svg|80px|link=Invision Cyber]]
| style="text-align:left;" | [[Invision Cyber]]
| style="text-align:centerleft;" | 2025n.d.
| style="text-align:left;" | {{flagicon|UK}}, London / {{flagicon|USA}}n.d.
| style="text-align:left;" | Europe / North American.d.
| style="text-align:left;" | NotVector disclosedInvestment Capital (75%+ control), Correlation Holdings (minority at Acies MGU level)
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Correlation Holdings (minority), Vector Investment Capital
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Co-founder Stuart Essex formerly Head of UK PI at AXA XL
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| style="text-align:center;" | [[File:Logo of Measured Analytics and Insurance.svg|80px|link=Measured Analytics and Insurance]]
| style="text-align:left;" | [[Measured Analytics and Insurance]]
| style="text-align:centerleft;" | 2020n.d.
| style="text-align:left;" | {{flagicon|USA}}
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Undisclosed (2 rounds)
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Signal Peak Ventures, Origin Ventures, Royal Street Ventures, Silicon Valley Data Capital, AV8 Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Onda.svg|80px|link=Onda]]
| style="text-align:left;" | [[Onda]]
| style="text-align:centerleft;" | 2022n.d.
| style="text-align:left;" | {{flagicon|UK}}, London / {{flagicon|France}}, Parisn.d.
| style="text-align:left;" | Europen.d.
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Pera.svg|80px|link=Pera]]
| style="text-align:left;" | [[Pera]]
| style="text-align:centerleft;" | 2023n.d.
| style="text-align:left;" | {{flagicon|USA}}
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | $3.25M (group seed)
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Ryan Specialty (full owner), Maiden Holdings (prior seed)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Ryan Specialty (May 2025)
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| style="text-align:center;" | [[File:Logo of Resilience.svg|80px|link=Resilience]]
| style="text-align:left;" | [[Resilience]]
| style="text-align:centerleft;" | 2016n.d.
| style="text-align:left;" | {{flagicon|USA}}, CA, San Francisco
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | >$225M
| style="text-align:left;" | ~$650M (2021)
| style="text-align:left;" | Intact Ventures, General Catalyst, Lightspeed, Founders Fund, CRV, UL Ventures, Shield Capital
| style="background:#fff3cd; text-align:left;" | No — Independent (Intact strategic partner)
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of SafeInside Insurance.svg|80px|link=SafeInside Insurance]]
| style="text-align:left;" | [[SafeInside Insurance]]
| style="text-align:centerleft;" | 2022n.d.
| style="text-align:left;" | {{flagicon|USA}}, CA, Palo Alto
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | >$170M (group)
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Avataar Ventures, BT Group, Sorenson Capital, Prosperity7, Eight Roads, Telstra Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
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| style="text-align:center;" | [[File:Logo of Stoïk.svg|80px|link=Stoïk]]
| style="text-align:left;" | [[Stoïk]]
| style="text-align:center;" | 2021
| style="text-align:left;" | {{flagicon|France}}, Paris
| style="text-align:left;" | Europe
| style="text-align:left;" | ~€50M (2025)
| style="text-align:left;" | ~€69.8M
| style="text-align:left;" | Not disclosedn.d.
| style="text-align:left;" | Alven, a16z, Munich Re Ventures, Tokio Marine HCC, Impala, Opera Tech Ventures, Anthemis
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | NoneHenri identifiedde Castries (former AXA CEO) participated as business angel in Series A (June 2022)
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Sync Underwriting.svg|80px|link=Sync Underwriting]]
| style="text-align:left;" | [[Sync Underwriting]]
| style="text-align:centerleft;" | 2020n.d.
| style="text-align:left;" | {{flagicon|Australia}}, Sydneyn.d.
| style="text-align:left;" | Asia-Pacificn.d.
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Rhodian Group (equity), Amwins (minority in Rhodian)
| style="background:#d4edda; text-align:left;" | No — Independent
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