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|1 = {{#if:{{{bullet|}}}|* }}At-BayU.S. — venturecyber-backed cyberfocused insurtech MGA turned, full-stack E&S carrier (AM Best A-), combiningInsurSec underwriting with proprietary security servicesmodel, protecting$292M 40raised,000+ SME policyholders at a $1.35B valuation, AM Best A-
|2 = {{#if:{{{bullet|}}}|* }}At-Bay is a $1U.S.35B-valued cyber-focused insurtech that underwritestransitioned specialtyfrom insuranceMGA andto deliversfull-stack managedE&S securitycarrier, servicescombining toinsurance overwith 40,000integrated SMEsecurity policyholdersservices, achievingbacked lossby ratios$292M roughlyin halfventure thefunding industryat averagea through$1.35B itsvaluation proprietaryand InsurSecrated AM Best A- modelstable.
|3 = {{#if:{{{bullet|}}}|* }}🛡️🏢 '''At-Bay, Inc.''' is a DelawareU.S.-incorporated cyberbased insurtech founded in 2016 that operatesunderwrites ascyber, bothtechnology an MGAE&O, and aMPL fullthrough its Delaware-stackdomiciled E&S carrier, (At-Bay Specialty Insurance Company, rated AM Best A-), combiningstable. underwritingThe ofcompany cyberoperates liability,an TechInsurSec E&O,model andthat miscellaneous professional liability with proprietary cybersecurity services delivered throughintegrates its At-Bay Stance platform.exposure Themanagement companyplatform, hasMDR/MXDR raisedservices, $295.7 millionand in-house ventureincident funding,response was valued at $1.35 billion afterwith its July 2021 Seriesinsurance Dproducts, andserving managesclose over $380 million in gross written premium while protecting more thanto 40,000 policyholdersbusinesses acrosswith 100+revenue industries.up Itsto InsurSec$5B. modelAt-Bay —has pairingraised active$292M riskin monitoringventure withcapital insuranceat —a has$1.35B producedpost-money ransomwarevaluation claimand frequencytransitioned sevenfrom timesan lowerMGA/fronted thanprogram theto industryissuing averagepolicies andon grossits lossown ratiospaper estimatedbeginning atAugust 30–40%2023, positioningreporting At-Baya as98% thecombined fourth-largestratio U.S.at standalonethe cybercarrier insurerlevel by direct premium as ofin 20242023.
|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 profile.''' '''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 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 across eight venture rounds, was valued at $1.35 billion following its July 2021 Series D, and acquired a licensed carrier from AXA XL in January 2023 — now rated A- (Excellent) by AM Best. As of 2025, At-Bay protects over 40,000 policyholders across 100+ industries with 340+ employees globally.
|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.
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{{#if:{{{bullet|}}}|* }}📈 '''Performance and competitive position.''' Gross written premium grew from an estimated $40 million in 2020 to over $380 million by 2022, driven by new customer acquisition, expanded capacity, and hard-market rate increases. At-Bay's technical underwriting has produced gross loss ratios estimated at 30–40% against industry peaks of 75–100%, with ransomware claim frequency reported at seven times lower than the industry average — results that prompted lead reinsurer HSB to increase its capital commitment. By 2024, At-Bay Specialty ranked fourth among U.S. standalone cyber insurers by direct premium, trailing only Coalition among insurtech peers while competitors Corvus and Cowbell faced capacity disruptions.
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{{#if:{{{bullet|}}}|* }}🚀 '''Strategy and outlook.''' At-Bay's forward strategy centers on deepening SME penetration through its admitted product and API distribution, 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 given heavy growth investment, but unit economics are favorable — a sub-50% loss ratio and growing commission base suggest a clear path to breakeven, while the hire of CFO Ari Fischel (who helped prepare Oscar Health for IPO) signals public-market readiness. Key risks include cyber catastrophe accumulation, capacity provider withdrawal, and regulatory evolution around ransom payments and privacy laws.
|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 through At-Bay Specialty Insurance Company (AM Best A-, Excellent). Headquartered in San Francisco with an R&D center in Tel Aviv and offices in New York, Atlanta, Chicago, and Mountain View, the company has raised $295.7 million across eight venture rounds and was valued at $1.35 billion following a July 2021 Series D led by Icon Ventures and Lightspeed Venture Partners. Key institutional backers include Khosla Ventures, M12 (Microsoft), Munich Re Ventures, Acrew Capital, Glilot Capital, Qumra Capital, and ION Crossover Partners, with no single investor holding a disclosed controlling stake.
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{{#if:{{{bullet|}}}|* }}🔄 '''Business model.''' At-Bay operates a hybrid InsurSec model combining MGA insurance underwriting with proprietary cybersecurity services delivered through its At-Bay Stance platform, which provides continuous vulnerability scanning, managed detection and response (MDR) with 15-minute average threat containment, and AI-powered email fraud defense. Core insurance products include cyber liability, Technology E&O, and miscellaneous professional liability (MPL), the latter launched in 2022 with API-driven auto-quoting across 50+ business classes. Revenue is primarily commission-driven at an estimated 15–20% of gross written premium, supplemented by contingent commissions earned when loss ratios stay below agreed thresholds and by embedded security fees bundled into select policies.
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{{#if:{{{bullet|}}}|* }}🤝 '''Distribution and capacity.''' Distribution relies on wholesale brokers (CRC, RT Specialty, AmWINS) via an online Broker Platform that earned a 93 NPS, supplemented by API integrations for programmatic quoting and an admitted cyber product available in 47 states for micro-SMEs. The capacity structure has evolved from a single carrier (HSB/Munich Re, A++ rated) to a diversified multi-carrier panel including Trisura Specialty as a fronting insurer, a captive reinsurance subsidiary, and At-Bay's own carrier — with At-Bay Specialty ranking fourth among U.S. standalone cyber insurers by direct premium as of 2024. Strategic alliances with Microsoft (2021) and CrowdStrike (2023) extend reach into SMB cybersecurity ecosystems.
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{{#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, aggressive capacity deployment during the hard market, and steep industry-wide rate increases, while the policyholder count rose from approximately 5,000 to over 40,000 by 2025. The standout driver is technical underwriting producing gross loss ratios estimated at 30–40% against an industry peak of 75–100%, with ransomware claim frequency seven times lower than the industry average — results attributed to proactive vulnerability patching, rigorous risk selection, and efficient in-house claims handling. Operational efficiency of approximately $1.3 million in GWP per employee, achieved through automation, has driven a virtuous cycle of high submission volume and superior risk selection.
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{{#if:{{{bullet|}}}|* }}💰 '''Financial profile.''' 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, though no GAAP figures have been publicly disclosed. The company is likely not yet profitable on a consolidated basis given heavy growth-mode investment in personnel across high-cost markets and technology R&D, with operating losses sustained by venture capital. However, the retained slice of business written through At-Bay Specialty starting in 2023 could produce an estimated 75% combined ratio, yielding a 25% underwriting margin that complements commission income and a new stream of investment income from the carrier's bond portfolio.
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{{#if:{{{bullet|}}}|* }}🏦 '''Balance sheet and liquidity.''' The consolidated balance sheet includes carrier assets (a conservative investment-grade bond portfolio, reinsurance recoverables, and premium receivables) alongside insurance liabilities that remain heavily reinsured, keeping net liabilities limited. AM Best assessed At-Bay Specialty's risk-adjusted capitalization at the strongest level with balance sheet strength rated Very Strong, and the company carries zero known debt — all expansion has been funded by equity. Free cash flow has been negative to date, but the burn rate is manageable as evidenced by no major equity raise since 2021, and the trend is toward self-sustainability as commission revenues grow and the carrier generates investment income.{{#if:{{{bullet|}}}||<br>}}
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{{#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 risk (mitigated by diversified carriers and own balance sheet), 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 and files NAIC annual statements under Delaware regulatory examination.{{#if:{{{bullet|}}}||<br>}}
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{{#if:{{{bullet|}}}|* }}🏛️ '''Governance and capital history.''' Governance has matured from startup mode to near-public-company standards with independent directors Gregg Davis and Rob Glanville added to the carrier's board in 2023, while the broader board includes founder-executives and investor representatives from Icon Ventures and Lightspeed. Capital actions span eight equity rounds from a 2016–2017 seed through the landmark $185 million Series D in July 2021 at a $1.35 billion valuation, a $20 million extension from ION Crossover Partners, and a minor $3.7 million round in September 2022 — with no further raises as of 2026. Munich Re Ventures uniquely provides both equity capital and underwriting capacity via HSB, aligning investment and risk-bearing interests.
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{{#if:{{{bullet|}}}|* }}🚀 '''Strategic outlook.''' At-Bay's forward strategy centers on deepening SME penetration through its admitted product and API distribution, expanding into adjacent specialty lines such as D&O or cyber fraud-related crime insurance, and optimizing full-stack carrier operations by gradually migrating more business onto its own balance sheet. Technology priorities include AI-enhanced threat intelligence and underwriting, expansion of the At-Bay Stance platform, and scaling MDR through automation, while the company intends to diversify reinsurance partnerships and pursue embedded insurance deals with cloud providers or MSPs. The hire of CFO Ari Fischel — who helped prepare Oscar Health for IPO — and the presence of crossover fund ION signal public-market readiness, with a roadmap to EBITDA breakeven implied by improving operating leverage and favorable unit economics.
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