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|1 = {{#if:{{{bullet|}}}|* }}SanU.S. Franciscocyber-based, venture-backed cyberfocused insurtech and, full-stack surplus linesE&S carrier, hybrid InsurSec model, cyber/Tech$292M E&O/MPL linesraised, integrated$1.35B MDR platformvaluation, ~40,000AM insureds,Best $296M raised, unicorn valuation.A-
|2 = {{#if:{{{bullet|}}}|* }}At-Bay is a venture-backed,U.S. San Franciscocyber-based cyberfocused insurtech operatingthat atransitioned hybrid InsurSec model as bothfrom MGA andto full-stack E&S carrier, combining proprietaryinsurance managedwith detectionintegrated and responsesecurity services, withbacked cyber,by Tech$292M E&O,in andventure MPLfunding coverageat fora over$1.35B 40,000valuation SMEand policyholdersrated atAM aBest unicornA- valuationstable.
|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''' is a venture-backed cyber insurtech founded in 2016 that has transitioned from a managing general agent into a full-stack surplus lines carrier rated A- (Excellent) by AM Best, combining underwriting of cyber liability, Technology E&O, and miscellaneous professional liability with proprietary cybersecurity services delivered through its At-Bay Stance platform. The company has raised approximately $296 million in venture funding, achieved a $1.35 billion valuation following its 2021 Series D, and manages over $380 million in gross written premium while protecting more than 40,000 policyholders across over 100 industries. Its InsurSec model — pairing continuous active risk monitoring with insurance — has produced ransomware claim frequency seven times lower than the industry average and gross loss ratios estimated at 30–40%, positioning At-Bay as the fourth-largest standalone cyber insurer in the United States by direct premium.
|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|}}}|* }}🏢 '''Corporate structure.''' At-Bay is a Delaware-incorporated cyber insurtech founded in 2016 that operates simultaneously as a managing general agent, a licensed property and casualty agency, and a wholly-owned surplus lines insurance carrier rated A- (Excellent) by AM Best following its January 2023 acquisition of a carrier shell from AXA XL. Headquartered in San Francisco with a research and development center in Tel Aviv and additional offices in New York, Atlanta, Chicago, and Mountain View, the company has raised approximately $296 million across eight venture rounds and was valued at $1.35 billion after its July 2021 Series D led by Icon Ventures and Lightspeed Venture Partners. As of 2025, At-Bay protects over 40,000 policyholders across more than 100 industries with a workforce exceeding 340 employees globally.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🔄 '''Hybrid InsurSec model.''' The company operates a proprietary model that tightly integrates continuous cybersecurity monitoring and managed detection and response services — including vulnerability scanning, AI-powered email fraud defense, and threat containment averaging 15 minutes — directly into its specialty liability insurance products covering cyber, Technology E&O, and miscellaneous professional liability. This proactive approach enforces strict security controls on policyholders, actively reducing ransomware claim frequency to seven times below the industry average and driving gross loss ratios to an estimated 30–40% against industry peaks of 75–100%. Distribution relies on wholesale brokers via a highly rated digital platform with automated data-driven quoting, supplemented by API integrations and an admitted cyber product available in 47 states for micro-SMEs.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}📈 '''Financial trajectory and outlook.''' Gross written premium surged from an estimated $40 million in 2020 to over $380 million by 2022, fueled by new customer acquisition, aggressive capacity deployment, and hard-market rate increases, while the capacity structure evolved from a single carrier panel to a diversified multi-carrier arrangement anchored by its own balance sheet. The company is likely not yet profitable on a consolidated basis given heavy growth-mode investment, but unit economics are favorable — a sub-50% loss ratio, growing commission income, and emerging underwriting profits from retained risk suggest a clear path to breakeven. Key forward priorities include deepening SME penetration, expanding into adjacent specialty lines, migrating more business onto its own carrier, and preparing for potential public-market entry as signaled by the hire of a CFO with IPO experience.
|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.
|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Corporate entity.''' At-Bay is a Delaware C-Corporation founded in 2016 by Rotem Iram and Roman Itskovich that has evolved from a managing general agent into a full-stack specialty insurance carrier through its wholly-owned subsidiary, At-Bay Specialty Insurance Company, rated A- (Excellent) by AM Best. Headquartered in San Francisco with a research and development center in Tel Aviv and offices in New York, Atlanta, Chicago, and Mountain View, the company serves tens of thousands of policyholders across more than 100 industries while maintaining a global workforce exceeding 340 employees. The firm has raised approximately $296 million across eight venture rounds and achieved a $1.35 billion valuation following its July 2021 Series D led by Icon Ventures and Lightspeed Venture Partners.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🛡️ '''InsurSec model.''' At-Bay distinguishes itself through a proprietary hybrid model that merges traditional cyber liability coverage with proactive, continuous security monitoring delivered through its At-Bay Stance platform, which provides vulnerability scanning, managed detection and response with 15-minute average threat containment, and AI-powered email fraud defense. By packaging policies with active network scanning and incident response capabilities, the company helps insureds identify and remediate vulnerabilities before attacks materialize, aligning the incentives of insurer and policyholder to minimize financial losses. This dual-pronged strategy has produced ransomware claim frequency seven times lower than the industry average and gross loss ratios estimated at 30–40% against industry peaks of 75–100%.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}📋 '''Product suite.''' The primary underwriting focus lies in cyber liability insurance, frequently bundled with Technology errors and omissions and miscellaneous professional liability coverages launched in 2022 with API-driven auto-quoting across over 50 business classes. These products are tailored for small and mid-sized enterprises, offering limits up to five million dollars alongside complimentary security platform access through At-Bay Stance. Policyholders who adopt recommended security controls or utilize the firm's email fraud defense solutions can unlock enhanced coverage sub-limits and reduced deductibles, reinforcing the feedback loop between security posture and insurance economics.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🤝 '''Distribution and capacity.''' Go-to-market strategies rely on wholesale brokers — including CRC, RT Specialty, and AmWINS — via a proprietary digital Broker Platform that earned a 93 Net Promoter Score, enabling automated data-driven quotes within minutes by leveraging real-time technical scan data. The company additionally distributes its admitted cyber product, available in 47 states for micro-SMEs, through application programming interfaces and embedded insurance partnerships with fintech platforms. Strategic alliances with Microsoft and CrowdStrike extend reach into SMB cybersecurity ecosystems and reinforce the firm's technology credibility with policyholders and channel partners.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🏦 '''Capacity evolution.''' Originally operating solely as a managing general agent reliant on HSB (Munich Re, A++ rated) as its single carrier, At-Bay has systematically diversified its risk-bearing structure to capture greater underwriting economics. This transition involved creating a captive reinsurance subsidiary, partnering with Trisura Specialty as a fronting insurer, and ultimately acquiring an existing shell carrier from AXA XL in January 2023 to write surplus lines directly. These strategic maneuvers earned At-Bay Specialty an A- (Excellent) AM Best rating and established the firm as the fourth-largest standalone cyber insurer in the United States by direct premium as of 2024.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}📈 '''Performance drivers.''' Gross written premium surged 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 rigorous technical underwriting and continuous threat monitoring producing gross loss ratios at less than half the industry average, with claim frequencies remaining a fraction of broader market benchmarks. Operational efficiency of approximately $1.3 million in gross written premium per employee, achieved through platform automation, has created a virtuous cycle of high submission volume and superior risk selection.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}💰 '''Financial profile.''' Revenue is predominantly derived from commission income generated by the agency business at an estimated 15–20% of gross written premium, supplemented by contingent commissions earned when loss ratios stay below agreed thresholds and by emerging underwriting profits from the retained risk portfolio written through At-Bay Specialty. The company is likely not yet profitable on a consolidated basis given heavy growth-mode investment in personnel and technology across high-cost markets, with operating losses sustained by venture capital. However, the retained business on the carrier balance sheet could produce an estimated 75% combined ratio, yielding underwriting margin that complements commission income and a new stream of investment income from the carrier's bond portfolio.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🏛️ '''Balance sheet and governance.''' The consolidated balance sheet includes carrier assets consisting of a conservative investment-grade bond portfolio, reinsurance recoverables, and premium receivables alongside insurance liabilities that remain heavily reinsured, with AM Best assessing risk-adjusted capitalization at the strongest level and balance sheet strength as Very Strong. The firm carries zero known debt, all expansion having been funded through equity from top-tier venture firms including Khosla Ventures, M12 (Microsoft), Munich Re Ventures, Acrew Capital, Glilot Capital, Qumra Capital, and ION Crossover Partners. Governance has matured toward near-public-company standards with the addition of independent directors to the carrier board in 2023, while the broader board includes founder-executives and investor representatives.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#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 catastrophe modeling rated appropriate by AM Best. Additional risk categories include attritional loss volatility from rising ransomware severity, capacity provider withdrawal risk mitigated by diversified carriers and own balance sheet retention, technology and data risk addressed through SOC 2 certification, and regulatory risk from evolving privacy laws and potential ransom-payment bans. At-Bay Insurance Services holds producer licenses in all 50 states and the District of Columbia, 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>}}{{#if:{{{bullet|}}}||<br>}}{{#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 directors and officers 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 managed detection and response through automation, while the company intends to diversify reinsurance partnerships and pursue embedded insurance arrangements with cloud providers or managed service providers. The hire of a CFO with IPO preparation experience and the presence of crossover fund ION Crossover Partners signal public-market readiness, with a roadmap to breakeven implied by improving operating leverage and favorable unit economics.
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