Summary:At-Bay: Difference between revisions

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|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-

|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(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 [[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 [[Definition:Insurtech |insurtech]] founded in 2016 that [[Definition:Underwriting |underwrites]] cyber, [[Definition:Technology errors and omissions insurance(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 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 [[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|}}}|* }}🔒 '''[[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 (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(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 insurance carrier |full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL GroupInsurance |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 [[Definition:Issuing carrier |issuing carrier]] and The [[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|}}}|* }}🔒 '''[[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 insurancecoverage |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 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 coverageexclusion |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 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:AggregationCyber 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.