Summary:At-Bay: Difference between revisions

|1 = {{#if:{{{bullet|}}}|* }}U.S. cyber-focused insurtech, MGAfull-to-carrierstack platformE&S carrier, SMBInsurSec andmodel, mid-market$292M specialistraised, 40,000+$1.35B policyholdersvaluation, security-ledAM underwritingBest edgeA-

|2 = {{#if:{{{bullet|}}}|* }}At-Bay is a U.S. cyber-focused insurtech combiningthat transitioned from MGA andto carrierfull-stack capabilitiesE&S carrier, embeddedcombining insurance with integrated security services, broker-ledbacked andby API$292M distribution,in venture funding at a $1.35B valuation and data-drivenrated underwritingAM acrossBest 40,000+A- policyholdersstable.

|3 = {{#if:{{{bullet|}}}|* }}🛡️🏢 '''At-Bay''' is a U.S. cyber-based insurtech founded in 2016 that combinesunderwrites insurancecyber, andtechnology securityE&O, servicesand MPL through anits MGADelaware-domiciled E&S carrier, aAt-Bay specialtySpecialty carrierInsurance Company, andrated cybersecurityAM unitsBest A- stable. ItThe servescompany smalloperates andan mid-sizedInsurSec businessesmodel throughthat brokersintegrates its Stance exposure management platform, digitalMDR/MXDR platformsservices, and APIin-house channels,incident response with moreits thaninsurance products, serving close to 40,000 policyholdersbusinesses with revenue acrossup 100+to industries$5B. ItsAt-Bay distinguishinghas featuresraised are$292M continuousin riskventure monitoring,capital lower-than-industryat lossa experience,$1.35B andpost-money avaluation gradualand shifttransitioned from an MGA/fronted capacityprogram towardto issuing policies on its own A-paper ratedbeginning August 2023, reporting a 98% combined ratio at the carrier platformlevel in 2023.

|4 = {{#if:{{{bullet|}}}|* }}🏢 '''Profile.At-Bay''' At-Bay is a private cyberU.S.-based insurtech founded in 2016 that underwrites cyber, incorporatedtechnology inE&O, and MPL through its Delaware-domiciled E&S carrier, andAt-Bay headquarteredSpecialty inInsurance SanCompany, Franciscorated AM Best A- stable. ItThe operatescompany throughtransitioned from an MGA/agencyfronted program structure backed by Trisura and Hartford Steam Boiler to issuing policies on its own E&S paper beginning August 2023, completing a specialtyfull-stack carrier, andevolution. cybersecurityAt-Bay serviceshas raised $292M in venture capital across six rounds at a $1.35B post-money entitiesvaluation, with 340+investors employeesincluding andLightspeed anVenture R&DPartners, presenceKhosla inVentures, TelIcon AvivVentures, Munich Re Ventures, and M12.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}🔐🔒 '''ModelInsurSec platform.''' TheAt-Bay companydifferentiates combinesthrough cyberan integrated insurance-and-security model anchored by its Stance Exposure Management platform, technologywhich E&Oprovides vulnerability scanning, miscellaneousdark web monitoring, AI-powered email professionalfraud liabilityalerts, and managedvCISO securityadvisory services underembedded via an integratedEmbedded InsurSecSecurity modelFee for policyholders. DistributionMDR runsservices are powered by CrowdStrike and sold separately through brokers,subsidiary digitalAt-Bay platformsSecurity, APIsLLC, and embeddedin partnerships,July while2025 continuousthe riskcompany monitoringlaunched informsan underwritingMXDR andplatform with a strategic claimsSentinelOne managementalliance.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}📈📊 '''PositionScale and performance.''' At-Bay managedserves moreclose thanto $38040,000 millionU.S. ofbusinesses premiumwith byrevenue 2022,up reachedto 40$5B,000+ policyholdersdistributing bythrough 2025,wholesale brokers and rankeddigital fourthchannels amongincluding U.Sits acquired Relay marketplace. standaloneCarrier-level cyberstatutory insurersreporting byshows 2024$154.5M directin gross premium. Itsand keya differentiators98% arecombined lower-than-industryratio lossin experience2023, securitywhile company-leddisclosed underwriting,annual andrecurring anGWP ongoingreached transition$380M fromas frontedof capacityJanuary to2023 anwith A-over rated300 carrieremployees platformacross hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.

|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Identity.At-Bay''' At-Bay is a private cyberU.S.-based insurtech founded in 2016, incorporatedthat inunderwrites Delawarecyber, andtechnology headquarteredE&O, inand SanMPL Francisco.through Theits groupDelaware-domiciled operatesE&S acrosscarrier, insuranceAt-Bay andSpecialty cybersecurityInsurance Company, withrated principalAM entitiesBest spanningA- stable. The company transitioned from an MGA/agency,fronted aprogram specialtyto full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and securitybeginning servicesto operationsissue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), plusboth anHarvard R&DBusiness centerSchool graduates, At-Bay has raised $292M in Telventure Avivcapital at a $1.35B post-money valuation.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}🧑‍💼💰 '''LeadershipFunding and investors.''' TheAt-Bay companyraised was$292M foundedacross bysix Rotemrounds Iramfrom andseed Romanthrough Itskovicha Series D extension, whowith remainthe central$185M toSeries strategyD in July 2021 and riska management$20M extension in October 2021 setting the $1.35B Othervaluation. keyThe executivesinvestor includebase Arispans Fischelgeneralist inventure financefunds and(Lightspeed seniorVenture leadersPartners, acrossKhosla underwritingVentures, technologyIcon Ventures), claimsa strategic reinsurer venture arm (Munich Re Ventures), businessand a corporate venture fund development(M12), alongside growth investors Qumra Capital, Acrew Capital, and securityION Crossover Partners.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}🔐🏗️ '''ModelCarrier evolution.''' In its initial phase, At-Bay's InsurSecoperated modela combinesfronted cyberprogram insurancelaunched in May 2022 with continuousTrisura cybersecuritySpecialty monitoring,Insurance managedCompany detectionas issuing carrier and responseThe Hartford Steam Boiler as lead reinsurer, andwith advisoryreinsurance servicesplaced by Guy Carpenter. CoreThe insurancetransition offeringsto includefull-stack cybercarrier liability,status technologywas completed through the acquisition of a Delaware-domiciled E&O,S andcarrier miscellaneous(formerly professionalXL liabilitySelect Insurance Company), withwhich securityreceived featuresan usedAM toBest improveA- underwritingrating andin claimsApril outcomes2023, reaffirmed with stable outlook in August 2025.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}🤝🔒 '''DistributionInsurSec platform.''' TheAt-Bay companyoperates sellsan mainly through wholesaleintegrated insurance-and-security broker channelsmodel supportedanchored by anits onlineStance brokerExposure Management platform, APIsproviding vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and embeddedsecurity awareness partnershipstraining. ItsAccess capacityto modelStance evolvedis fromembedded third-partyin carriersurplus supportcyber towardand atech moreE&O integratedpolicies structurevia thatan includesEmbedded reinsuranceSecurity Fee and endorsement, while a captive,pre-bind Security Report delivers cyber risk analysis and At-Bayrecommendations Specialtyduring Insurancethe Companyquoting process.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}📈🖥️ '''ScaleManaged security services.''' MDR services are provided through subsidiary At-Bay reportedSecurity, managedLLC, premiumoffered aboveseparately $380from million by 2022insurance and hadnot grownlimited to morepolicyholders; thana 40,000June policyholders2024 announcement described enterprise-grade MDR powered by 2025.CrowdStrike Itwith monitors24/7 roughlySOC 1monitoring.5 millionIn ITJuly assets2025, At-Bay launched an MXDR platform and rankeda fourthstrategic amongalliance U.S.with standaloneSentinelOne, cyberexpanding insurersits bymanaged 2024security directproduct premiumline alongside its in-house Response & Recovery digital forensics and incident response team.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}💵📜 '''EconomicsPolicy coverage.''' The companypublished iscyber privatelypolicy heldform and(AB-CYB-001.2, does08/2023) notuses publisha auditedmodular publicclaims-made financialstructure statements,with butfirst-party itscoverages modelincluding isincident primarilyresponse commission-drivencosts, withbusiness additionalinterruption economics(direct fromand securitycontingent), servicescyber extortion, and retainedfinancial underwritingfraud income(social engineering and computer fraud). VentureThird-party fundingInsuring totaledAgreements aboutcover $295.7information millionprivacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and themedia lastliability, disclosedwith valuationnotable wasexclusions $1.35for billionwar, ininfrastructure 2021failure, and prior acts.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}🏦📊 '''CapitalFinancial performance.''' AtCarrier-Baylevel historicallystatutory operatedreporting asshows an$154.5M asset-lightin MGAgross premium and a 98% combined ratio in 2023, thenwith addednet carrierincome balanceof $1.29M. Company-sheetdisclosed elementsannual afterrecurring acquiringGWP andreached capitalizing$380M itsas ownof insurerJanuary 2023, up from a $240M run-rate in 2023.2021 Itthat hasrepresented no600% knownyear-over-year debtgrowth, and AMthe Bestcompany assignedemploys itsmore carrierthan an300 A-people ratingacross withhubs ain stableAtlanta, outlookChicago, New York City, San Francisco, and Tel Aviv.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}⚖️🤝 '''RiskDistribution and market.''' KeyAt-Bay exposuresdistributes includethrough cyberwholesale accumulationbrokers eventsand digital channels, adverseoperating claimsa severity,dedicated reinsurancebroker capacityplatform dependence,and dataAPI securitystrategy reinforced by its August 2022 acquisition of Relay, anda regulatorymulti-carrier digital distribution marketplace maintained as an operationally independent changeunit. The company addressesserves theseclose throughto active40,000 riskU.S. monitoringbusinesses, technicalprimarily underwriting,SMB reinsurance,by governancecount upgrades,but extending to mid-market and tighterenterprise carrierthrough its expanded $5B revenue ceiling and $10M aggregate limit oversightarchitecture.{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}||<br>{{pb}}}}{{#if:{{{bullet|}}}|* }}🧭⚠️ '''OutlookRisk factors.''' StrategicKey risk prioritiesconsiderations include deepercontinued small-businessreliance penetration,on broaderreinsurance specialty-linedespite expansionthe carrier transition, moresystemic optimizedcyber riskaggregation retentionexposure across first-party coverages, andregulatory continuedscrutiny investmentinherent in E&S underwriting and securitycorporate control transactions, and technology. Theexecution longrisk tied to third-termparty goalvendor appearsdependencies toin beMDR aservices. durable,The potentiallyRelay IPO-readyacquisition specialtyintroduces insurerintegration withrisk strongeras controlthe overplatform bothis distributionmaintained andoperationally balanceindependent sheetwhile economicsbeing embedded within At-Bay's distribution strategy.