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|1 = {{#if:{{{bullet|}}}|* }}At-Bay, IncU. — $1S.35B-valued venturecyber-backed cyberfocused insurtech, MGAfull-stack andE&S carrier, (AMInsurSec Bestmodel, A-)$292M combiningraised, underwriting with proprietary cybersecurity services for$1.35B 40valuation,000+ SMEAM policyholdersBest via its InsurSec platform.A-
|2 = {{#if:{{{bullet|}}}|* }}At-Bay, Inc. is a $1U.S.35B-valued cyber-focused insurtech MGAthat andtransitioned AMfrom BestMGA Ato full-stack ratedE&S carrier, protectingcombining 40,000+insurance policyholderswith acrossintegrated 100+security industriesservices, backed by combining$292M insurancein underwritingventure withfunding proprietaryat cybersecuritya services$1.35B throughvaluation itsand InsurSecrated AM Best A- platformstable.
|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, Inc.''' is a Delaware-incorporated cyber insurtech founded in 2016 that operates a hybrid "InsurSec" model combining MGA insurance underwriting with proprietary cybersecurity services through its At-Bay Stance platform. Headquartered in San Francisco with over 340 employees, the company has grown Gross Written Premium from an estimated $40 million in 2020 to over $380 million by 2022, protecting more than 40,000 policyholders across 100+ industries. It acquired and launched its own carrier (At-Bay Specialty Insurance Company, AM Best A- rated) in 2023, ranking fourth among U.S. standalone cyber insurers by direct premium in 2024 and distinguished by a ransomware claim frequency seven times lower than the industry average.
|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|}}}|* }}🏢 '''Company and model.'''
|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.
'''At-Bay, Inc.''' is a Delaware C-Corporation founded in 2016 by Rotem Iram and Roman Itskovich that operates a hybrid "InsurSec" model, combining MGA insurance underwriting with proprietary cybersecurity services delivered through its At-Bay Stance platform. Headquartered in San Francisco with an R&D center in Tel Aviv, the company has raised $295.7 million in venture funding and was valued at $1.35 billion following a July 2021 Series D. Core products include Cyber Liability, Technology E&O, and Miscellaneous Professional Liability, distributed through wholesale brokers via an online portal, API integrations, and an admitted product available in 47 states.
 
{{#if:{{{bullet|}}}|* }}📈 '''Performance and competitive position.'''
Gross Written Premium grew from an estimated $40 million in 2020 to over $380 million by 2022, with the policyholder count surpassing 40,000 across more than 100 industries by 2025. Technical underwriting has produced gross loss ratios estimated at 30–40% against industry peaks of 75–100%, with ransomware claim frequency seven times lower than average. In January 2023 the company acquired an E&S carrier from AXA XL, renamed At-Bay Specialty Insurance Company, which earned an AM Best A- rating and ranked fourth among U.S. standalone cyber insurers by direct premium in 2024.
 
{{#if:{{{bullet|}}}|* }}🚀 '''Outlook and strategy.'''
The forward strategy centers on deepening SME penetration through admitted and API distribution channels, expanding into adjacent specialty lines, and optimizing full-stack carrier operations by migrating more business onto its own balance sheet. The company is likely not yet profitable on a consolidated basis but unit economics are favorable, with an estimated 75% combined ratio on retained business yielding a 25% underwriting margin. The hire of CFO Ari Fischel, whose background includes preparing Oscar Health for IPO, signals public-market readiness as the company moves toward self-sustainability.
|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Company profile.'''
'''At-Bay, Inc.''' is a Delaware C-Corporation founded in 2016 by Rotem Iram (CEO) and Roman Itskovich (CRO) that operates as a cyber-focused MGA and, since January 2023, a wholly-owned carrier (At-Bay Specialty Insurance Company, AM Best A-). Headquartered in San Francisco with an R&D center in Tel Aviv, the company has raised $295.7 million across eight venture rounds and was valued at $1.35 billion following a July 2021 Series D. Key institutional backers include Lightspeed Venture Partners, Icon Ventures, Khosla Ventures, M12 (Microsoft), and Munich Re Ventures, with no single investor holding a disclosed controlling stake.
 
{{#if:{{{bullet|}}}|* }}🔄 '''Business model.'''
The company operates a hybrid "InsurSec" model combining MGA insurance underwriting with proprietary cybersecurity services delivered through its At-Bay Stance platform. Core insurance products include Cyber Liability, Technology E&O, and Miscellaneous Professional Liability, with revenue primarily commission-driven at an estimated 15–20% of Gross Written Premium, supplemented by contingent commissions and embedded security fees. Distribution relies on wholesale brokers via an online Broker Platform, API integrations, and strategic alliances with Microsoft and CrowdStrike.
 
{{#if:{{{bullet|}}}|* }}⚔️ '''Capacity and competitive position.'''
Capacity has evolved from a single carrier (HSB/Munich Re) to a diversified multi-carrier panel including Trisura Specialty, a captive reinsurance subsidiary, and its own At-Bay Specialty carrier. By 2024, At-Bay Specialty ranked fourth among U.S. standalone cyber insurers by direct premium written, behind Coalition (roughly double the premium) but ahead of peers like Corvus (acquired by Travelers) and Cowbell (which lost a key capacity partner). Differentiators include ransomware claim frequency seven times lower than the industry average, automated MPL quoting in under two minutes, and a broker portal with a 93 NPS.
 
{{#if:{{{bullet|}}}|* }}📈 '''Performance drivers.'''
Gross Written Premium grew from an estimated $40 million in 2020 to over $380 million by 2022, fueled by new customer acquisition, capacity deployment during the hard market, and steep rate increases. The policyholder count rose from approximately 5,000 in 2020 to over 40,000 by 2025 across more than 100 industries. Technical underwriting has produced gross loss ratios estimated at 30–40% against an industry peak of 75–100%, driven by proactive vulnerability patching, rigorous risk selection, and efficient in-house claims handling.
 
{{#if:{{{bullet|}}}|* }}💰 '''P&L trends.'''
Net revenues consist primarily of commission income, estimated at $57–76 million in 2022 based on $380 million GWP at a 15–20% commission rate. The company is likely not yet profitable on a consolidated basis given heavy growth-mode investment, with operating losses sustained by venture capital. However, starting in 2023, the retained slice of business written through At-Bay Specialty could produce an estimated 75% combined ratio, yielding a 25% underwriting margin that complements commission income.
 
{{#if:{{{bullet|}}}|* }}🏦 '''Balance sheet and liquidity.'''
Prior to 2023, the balance sheet was essentially cash and equity from cumulative venture funding, with no insurance liabilities held. Post-2023, the consolidated balance sheet includes carrier assets (a conservative bond portfolio, reinsurance recoverables, and premium receivables) alongside insurance liabilities, though the carrier's book remains heavily reinsured. AM Best assessed At-Bay Specialty's risk-adjusted capitalization at the "strongest" level, the company carries zero known debt, and short-term liquidity is described as "solid."
 
{{#if:{{{bullet|}}}|* }}⚠️ '''Risk and compliance.'''
The paramount risk is cyber catastrophe accumulation — a single systemic event causing simultaneous claims across the portfolio — managed through dependency monitoring, exposure caps, aggregate stop-loss reinsurance, and ERM-level catastrophe modeling rated "appropriate" by AM Best. Additional risk categories include attritional loss volatility (average ransomware severity rose 47% for mid-sized firms in 2024), capacity provider withdrawal, technology and data risk (SOC 2 certified), and regulatory risk from evolving privacy laws and potential ransom-payment bans. At-Bay Insurance Services LLC holds producer licenses in all 50 states and D.C., while At-Bay Specialty is eligible as a surplus lines insurer in 44 states.
 
{{#if:{{{bullet|}}}|* }}🧑‍💼 '''Governance and ESG.'''
Governance has matured with the addition of independent directors Gregg Davis and Rob Glanville to At-Bay Specialty's board in 2023, alongside founder-executives and investor representatives from Icon Ventures and Lightspeed. Management incentives are equity-driven, with the prospect of an eventual liquidity event aligning interests toward profitability. The ESG profile is positive but not heavily publicized, with the social contribution lying in closing the cyber protection gap for SMBs and no reported controversies or regulatory fines.
 
{{#if:{{{bullet|}}}|* }}🚀 '''Capital history and outlook.'''
The company has raised $295.7 million across eight equity rounds, from a 2016–2017 seed through the landmark $185 million Series D in July 2021 at a $1.35 billion valuation, with no further raises since September 2022. The investor syndicate spans top-tier VCs, corporate venture arms, Israeli funds, and crossover investor ION Crossover Partners, whose presence signals public-market ambitions. The forward strategy centers on deepening SME penetration, expanding into adjacent specialty lines, optimizing carrier operations, and pursuing a roadmap toward EBITDA breakeven and an eventual IPO.
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