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]], InsurSec model, $292M raised, $1.35B valuation, [[Definition:AM Best |AM Best]] A- |
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|2 = {{#if:{{{bullet|}}}|* }}At-Bay is a U.S. cyber-focused [[Definition:Insurtech |insurtech]] that transitioned from [[Definition:Managing general agent (MGA) |MGA]] to full-stack [[Definition:Excess and surplus lines |E&S carrier]], combining insurance with integrated security services, backed by $292M in venture funding at a $1.35B valuation and rated [[Definition:AM Best |AM Best]] A- stable. |
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|3 = {{#if:{{{bullet|}}}|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech |insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (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 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. |
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|3 = {{#if:{{{bullet|}}}|* }}🛡️ '''At-Bay''' is a U.S. cyber insurtech founded in 2016 that combines insurance and security services through an MGA, a specialty carrier, and cybersecurity units. It serves small and mid-sized businesses through brokers, digital platforms, and API channels, with more than 40,000 policyholders across 100+ industries. Its distinguishing features are continuous risk monitoring, lower-than-industry loss experience, and a gradual shift from fronted capacity toward its own A- rated carrier platform. |
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|4 = {{#if:{{{bullet|}}}|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech |insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (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 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|}}}|* }}🔒 '''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 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 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. |
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|4 = {{#if:{{{bullet|}}}|* }}🏢 '''Profile.''' At-Bay is a private cyber insurtech founded in 2016, incorporated in Delaware, and headquartered in San Francisco. It operates through an MGA/agency, a specialty carrier, and cybersecurity services entities, with 340+ employees and an R&D presence in Tel Aviv.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🔐 '''Model.''' The company combines cyber insurance, technology E&O, miscellaneous professional liability, and managed security services under an integrated InsurSec model. Distribution runs through brokers, digital platforms, APIs, and embedded partnerships, while continuous risk monitoring informs underwriting and claims management.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}📈 '''Position.''' At-Bay managed more than $380 million of premium by 2022, reached 40,000+ policyholders by 2025, and ranked fourth among U.S. standalone cyber insurers by 2024 direct premium. Its key differentiators are lower-than-industry loss experience, security-led underwriting, and an ongoing transition from fronted capacity to an A- rated carrier platform. |
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|5 = {{#if:{{{bullet|}}}|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech |insurtech]] founded in 2016 that underwrites cyber, [[Definition:Technology errors and omissions (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 carrier |full-stack carrier]] status, completing its carrier acquisition from [[Definition:XL Insurance |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 |Trisura Specialty Insurance Company]] as issuing carrier and [[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|}}}|* }}🔒 '''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 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 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 coverage |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 |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 |media liability]], with notable [[Definition:Exclusion |exclusions]] for war, infrastructure failure, and [[Definition:Prior acts exclusion |prior acts]].{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}||{{pb}}}}{{#if:{{{bullet|}}}|* }}📊 '''Financial performance.''' Carrier-level 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 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:Cyber 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. |
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|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Identity.''' At-Bay is a private cyber insurtech founded in 2016, incorporated in Delaware, and headquartered in San Francisco. The group operates across insurance and cybersecurity, with principal entities spanning an MGA/agency, a specialty carrier, and security services operations, plus an R&D center in Tel Aviv.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🧑💼 '''Leadership.''' The company was founded by Rotem Iram and Roman Itskovich, who remain central to strategy and risk management. Other key executives include Ari Fischel in finance and senior leaders across underwriting, technology, claims, business development, and security.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🔐 '''Model.''' At-Bay's InsurSec model combines cyber insurance with continuous cybersecurity monitoring, managed detection and response, and advisory services. Core insurance offerings include cyber liability, technology E&O, and miscellaneous professional liability, with security features used to improve underwriting and claims outcomes.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🤝 '''Distribution.''' The company sells mainly through wholesale and broker channels supported by an online broker platform, APIs, and embedded partnerships. Its capacity model evolved from third-party carrier support toward a more integrated structure that includes reinsurance, a captive, and At-Bay Specialty Insurance Company.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}📈 '''Scale.''' At-Bay reported managed premium above $380 million by 2022 and had grown to more than 40,000 policyholders by 2025. It monitors roughly 1.5 million IT assets and ranked fourth among U.S. standalone cyber insurers by 2024 direct premium.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}💵 '''Economics.''' The company is privately held and does not publish audited public financial statements, but its model is primarily commission-driven with additional economics from security services and retained underwriting income. Venture funding totaled about $295.7 million, and the last disclosed valuation was $1.35 billion in 2021.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🏦 '''Capital.''' At-Bay historically operated as an asset-light MGA, then added carrier balance-sheet elements after acquiring and capitalizing its own insurer in 2023. It has no known debt, and AM Best assigned its carrier an A- rating with a stable outlook.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}⚖️ '''Risk.''' Key exposures include cyber accumulation events, adverse claims severity, reinsurance capacity dependence, data security, and regulatory change. The company addresses these through active risk monitoring, technical underwriting, reinsurance, governance upgrades, and tighter carrier oversight.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🧭 '''Outlook.''' Strategic priorities include deeper small-business penetration, broader specialty-line expansion, more optimized risk retention, and continued investment in underwriting and security technology. The long-term goal appears to be a durable, potentially IPO-ready specialty insurer with stronger control over both distribution and balance sheet economics. |
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Latest revision as of 00:31, 6 April 2026
🏢 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.
💰 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.
🏗️ 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.
🔒 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.
🖥️ 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.
📜 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.
📊 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.
🤝 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.
⚠️ 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.