Cyber insurtech MGAs and underwriting agencies: Difference between revisions

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{{Summary:{{PAGENAME}}}}
 
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== Overview of key players ==
 
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|+ 🛡️ Cyber insurtech MGA competitive landscape
|-
! scope="col" style="text-align:center; width:80px;" | Logo
! scope="col" style="text-align:center; width:80px;" | Company
! scope="col" style="text-align:center;" | Founded
! scope="col" style="text-align:center;" | HQ location
! scope="col" style="text-align:center;" | RegionMain region
! scope="col" style="text-align:center;" | Category
! scope="col" style="text-align:center;" | Target market
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| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA / Carrier
| style="text-align:left;" | SME to LargeEnterprise
| style="text-align:left;" | {{Summary:At-Bay|1}}
|- style="background:#f2f2f2;"
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| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Upper Mid-Market
| style="text-align:left;" | Germany's{{Summary:Baobab first integrated cyber insurance and risk mitigation provider; AI-native underwriting for EU marketsInsurance|1}}
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of BOXX Insurance.svg|80px|link=BOXX Insurance]]
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| style="text-align:left;" | Cyber MGA / Carrier
| style="text-align:left;" | SME to Individual
| style="text-align:left;" | Integrated{{Summary:BOXX cyber insurance and cybersecurity tools; global offices in Miami, Zurich, Dubai, MumbaiInsurance|1}}
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Coalition.svg|80px|link=Coalition]]
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| style="text-align:left;" | Cyber MGA / Carrier
| style="text-align:left;" | SME to Large
| style="text-align:left;" | Active Cyber Insurance combining insurance with cybersecurity tools; largest cyber insurtech valued at $5B{{Summary:Coalition|1}}
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Cogitanda.svg|80px|link=Cogitanda]]
| style="text-align:left;" | [[Cogitanda]]
| style="text-align:center;" | 2016
| style="text-align:left;" | {{flagicon|Germany}}, AltenahrFlensburg
| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA / Carrier
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | {{Summary:Cogitanda|1}}
| style="text-align:left;" | European cyber insurance specialist combining risk prevention, insurance, and claims management. Acquired by DGC Group in 2025 after insolvency; now operating as a cyber-tech insurer
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Converge Insurance.svg|80px|link=Converge Insurance]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | Cyber{{Summary:Converge risk coverage through broker partners; capacity partnership with QBEInsurance|1}}
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Corvus Insurance.svg|80px|link=Corvus Insurance]]
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| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-MarketLarge
| style="text-align:left;" | Smart Cyber{{Summary:Corvus Insurance with data-driven underwriting and risk prevention tools. Acquired by Travelers in 2023|1}}
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Cowbell.svg|80px|link=Cowbell]]
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| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | AI-powered adaptive cyber insurance for SMEs; continuous underwriting platform with {{Summary:Cowbell Factors|1}}
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Dattak.svg|80px|link=Dattak]]
| style="text-align:left;" | [[Dattak]]
| style="text-align:center;" | 2021
| style="text-align:left;" | {{flagicon|France}}, Paris
| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Upper Mid-Market
| style="text-align:left;" | {{Summary:Dattak|1}}
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Elpha Secure.svg|80px|link=Elpha Secure]]
| style="text-align:left;" | [[Elpha Secure]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME
| style="text-align:left;" | Combines{{Summary:Elpha proprietary cybersecurity software with insurance policies for end-to-end cyber protectionSecure|1}}
|- style="background:#f2f2f2ffffff;"
| style="text-align:center;" | [[File:Logo of Emergence Insurance.svg|80px|link=Emergence Insurance]]
| style="text-align:left;" | [[Emergence Insurance]]
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| style="text-align:left;" | Cyber Underwriting Agency
| style="text-align:left;" | SME to Large
| style="text-align:left;" | {{Summary:Emergence Insurance|1}}
| style="text-align:left;" | Award-winning Australian cyber insurance underwriting agency; Lloyds capacity; also offers Australias first standalone personal/family cyber insurance. Steadfast Group joint venture
|- style="background:#fffffff2f2f2;"
| style="text-align:center;" | [[File:Logo of Evolve MGA.svg|80px|link=Evolve MGA]]
| style="text-align:left;" | [[Evolve MGA]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME
| style="text-align:left;" | {{Summary:Evolve MGA|1}}
| style="text-align:left;" | US cyber insurance specialist co-founded by Patrick and Michael Costello; 3,000+ broker partners serving 6,000 policyholders. Acquired by Nexus Underwriting in 2023
|- style="background:#f2f2f2ffffff;"
| style="text-align:center;" | [[File:Logo of Eye Security.svg|80px|link=Eye Security]]
| style="text-align:left;" | [[Eye Security]]
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| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | All-in-one{{Summary:Eye 24/7 cybersecurity and cyber insurance package for European companies; expanding across EUSecurity|1}}
|- style="background:#fffffff2f2f2;"
| style="text-align:center;" | [[File:Logo of Invision Cyber.svg|80px|link=Invision Cyber]]
| style="text-align:left;" | [[Invision Cyber]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | Mid-Market to Large
| style="text-align:left;" | {{Summary:Invision Cyber|1}}
| style="text-align:left;" | Acies-founded MGA partnered with Trend Micro; Lloyds-backed cyber insurance using real-time telemetry from Trend Vision One for data-driven underwriting
|- style="background:#f2f2f2ffffff;"
| style="text-align:center;" | [[File:Logo of Measured Analytics and Insurance.svg|80px|link=Measured Analytics and Insurance]]
| style="text-align:left;" | [[Measured Analytics and Insurance]]
| style="text-align:center;" | 20202018
| style="text-align:left;" | {{flagicon|USA}}, UT, Salt Lake City
| style="text-align:left;" | North America
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | AI-driven{{Summary:Measured cyberAnalytics insuranceand MGA; CyberGuard product for SMEs with revenues up to $500MInsurance|1}}
|- style="background:#fffffff2f2f2;"
| style="text-align:center;" | [[File:Logo of Onda.svg|80px|link=Onda]]
| style="text-align:left;" | [[Onda]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | Lloyd's-backed cyber MGA with Navigator risk platform; operates in UK, France, and US markets{{Summary:Onda|1}}
|- style="background:#f2f2f2ffffff;"
| style="text-align:center;" | [[File:Logo of Pera.svg|80px|link=Pera]]
| style="text-align:left;" | [[Pera]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | Large Corporate
| style="text-align:left;" | {{Summary:Pera|1}}
| style="text-align:left;" | Cyber and Tech E&O MGA launched by USQRisks Desq accelerator; develops products for the US market with Chaucer Group capacity; focuses on large corporate risks
|- style="background:#fffffff2f2f2;"
| style="text-align:center;" | [[File:Logo of Resilience.svg|80px|link=Resilience]]
| style="text-align:left;" | [[Resilience]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | Mid-Market to Large
| style="text-align:left;" | Cyber risk management and insurance; AI-driven risk quantification and cyber operations center. Formerly Arceo AI{{Summary:Resilience|1}}
|- style="background:#f2f2f2ffffff;"
| style="text-align:center;" | [[File:Logo of SafeInside Insurance.svg|80px|link=SafeInside Insurance]]
| style="text-align:left;" | [[SafeInside Insurance]]
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| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | Mid-Market to Large
| style="text-align:left;" | {{Summary:SafeInside Insurance|1}}
| style="text-align:left;" | MGA launched by Safe Security; first to use API-based inside-out cyber risk telemetry for underwriting. Partners with Mosaic Insurance, Howden, Chubb, and Liberty Specialty Markets
|- style="background:#fffffff2f2f2;"
| style="text-align:center;" | [[File:Logo of Stoïk.svg|80px|link=Stoïk]]
| style="text-align:left;" | [[Stoïk]]
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| style="text-align:left;" | Europe
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | French cyber insurtech; digital broker platform with risk monitoring, IT scanning, and phishing awareness tools{{Summary:Stoïk|1}}
|- style="background:#f2f2f2ffffff;"
| style="text-align:center;" | [[File:Logo of Sync Underwriting.svg|80px|link=Sync Underwriting]]
| style="text-align:left;" | [[Sync Underwriting]]
| style="text-align:center;" | 20202024
| style="text-align:left;" | {{flagicon|Australia}}, Sydney
| style="text-align:left;" | Asia-Pacific
| style="text-align:left;" | Cyber MGA
| style="text-align:left;" | SME to Mid-Market
| style="text-align:left;" | {{Summary:Sync Underwriting|1}}
| style="text-align:left;" | Australian cyber specialist underwriting agency; Lloyds coverholder offering comprehensive cyber policies including bricking loss, social engineering, and D&O liability coverage
|}
 
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{| class="wikitable sortable" style="font-size:0.85em; width:100%;"
|+ 🛡️ Cyber Insurtech MGA — M&A Opportunity Comparison Table
|-
! scope="col" style="text-align:center; width:80px;" | Logo
! scope="col" style="text-align:center; width:80px;" | Company
! scope="col" style="text-align:center;" | Est. GWP
! scope="col" style="text-align:center;" | Total Funding
! scope="col" style="text-align:center;" | Last Known Valuation
! scope="col" style="text-align:center;" | Key Shareholders / Investors
! scope="col" style="text-align:center;" | Acquired?
! scope="col" style="text-align:center;" | Link with AXA
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of At-Bay.svg|80px|link=At-Bay]]
| style="text-align:left;" | [[At-Bay]]
| style="text-align:left;" | $380M ARR (Jan 2023)
| style="text-align:left;" | $292M
| style="text-align:left;" | $1.35B (2021)
| style="text-align:left;" | Lightspeed, Khosla, Icon Ventures, Munich Re Ventures, M12, Qumra Capital, Acrew Capital, ION Crossover Partners
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | AXA SA listed as reinsurer in capacity panel
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Baobab Insurance.svg|80px|link=Baobab Insurance]]
| style="text-align:left;" | [[Baobab Insurance]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | €20.1M
| style="text-align:left;" | n.d.
| style="text-align:left;" | Viola FinTech, eCAPITAL, Augmentum Fintech, Project A Ventures, La Famiglia, Discovery Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of BOXX Insurance.svg|80px|link=BOXX Insurance]]
| style="text-align:left;" | [[BOXX Insurance]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | $24.5M
| style="text-align:left;" | n.d.
| style="text-align:left;" | Zurich Insurance Group (full owner), Cyber Mentor Fund, SixThirty
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Zurich (July 2025)
| style="text-align:left;" | AXA collaboration in Spain (Jan 2024, SME cyber risk prevention)
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Coalition.svg|80px|link=Coalition]]
| style="text-align:left;" | [[Coalition]]
| style="text-align:left;" | $775M+ run rate (July 2022)
| style="text-align:left;" | $770M
| style="text-align:left;" | $5B (2022)
| style="text-align:left;" | Allianz X, Index Ventures, Ribbit Capital, T. Rowe Price, Durable Capital, Whale Rock, Valor Equity Partners, General Atlantic
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Historical carrier lineage: Coalition Insurance Company predecessor names include "AXA Art Insurance Corporation" (shell lineage only, no present-day AXA tie)
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Cogitanda.svg|80px|link=Cogitanda]]
| style="text-align:left;" | [[Cogitanda]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | DGC AG (post-insolvency acquirer)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by DGC AG from insolvency (Mar 2025)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Converge Insurance.svg|80px|link=Converge Insurance]]
| style="text-align:left;" | [[Converge Insurance]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | $20M
| style="text-align:left;" | n.d.
| style="text-align:left;" | Forgepoint Capital, QBE Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Founder Anthony Dagostino departed to AXA XL (Sep 2023)
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Corvus Insurance.svg|80px|link=Corvus Insurance]]
| style="text-align:left;" | [[Corvus Insurance]]
| style="text-align:left;" | $200M+ book
| style="text-align:left;" | $162M
| style="text-align:left;" | ~$750M (Series C)
| style="text-align:left;" | Travelers (full owner), Bain Capital Ventures, Insight Partners, Telstra Ventures, .406 Ventures
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Travelers (~$435M, Jan 2024)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Cowbell.svg|80px|link=Cowbell]]
| style="text-align:left;" | [[Cowbell]]
| style="text-align:left;" | $200M+ run rate (2021)
| style="text-align:left;" | $208.3M+
| style="text-align:left;" | n.d.
| style="text-align:left;" | Zurich Insurance Group, Anthemis, Permira, Prosperity7, Brewer Lane Ventures, PruVen Capital, NYCA Partners, Viola FinTech, ManchesterStory
| style="background:#fff3cd; text-align:left;" | No — Independent (Zurich strategic investor)
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Dattak.svg|80px|link=Dattak]]
| style="text-align:left;" | [[Dattak]]
| style="text-align:centerleft;" | 2021€10M (2024); €22M target (2025)
| style="text-align:left;" | {{flagicon|France}}, Paris€18M
| style="text-align:left;" | Europen.d.
| style="text-align:left;" | CyberXAnge, MGABreega, Bpifrance
| style="background:#d4edda; text-align:left;" | SMENo — Independent
| style="text-align:left;" | CEO Charlotte Couallier is former AXA France commercial partnerships director; board member Matthieu Bébéar is ex-Chief Business Officer of AXA
| style="text-align:left;" | French cyber insurtech wholesale broker; combines proactive cyber insurance with cybersecurity tools (scanning, phishing tests, MDR); 1,500+ broker partners; capacity backed by Wakam and Sompo
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Elpha Secure.svg|80px|link=Elpha Secure]]
| style="text-align:left;" | [[Elpha Secure]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | >$29M
| style="text-align:left;" | n.d.
| style="text-align:left;" | Canapi Ventures, Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, EOS Venture Partners
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Emergence Insurance.svg|80px|link=Emergence Insurance]]
| style="text-align:left;" | [[Emergence Insurance]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | Steadfast Group Limited (33.33%), Hollard Insurance
| style="background:#fff3cd; text-align:left;" | No — Independent (Steadfast associate)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Evolve MGA.svg|80px|link=Evolve MGA]]
| style="text-align:left;" | [[Evolve MGA]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | None (acquired)
| style="text-align:left;" | n.d.
| style="text-align:left;" | Brown & Brown / Nexus Underwriting (full owner)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Nexus / Brown & Brown (2023)
| style="text-align:left;" | Historical capacity panel included XL Catlin / AXA XL
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Eye Security.svg|80px|link=Eye Security]]
| style="text-align:left;" | [[Eye Security]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | €57.5M
| style="text-align:left;" | n.d.
| style="text-align:left;" | J.P. Morgan Growth Equity Partners, Bessemer Venture Partners, TIN Capital
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Invision Cyber.svg|80px|link=Invision Cyber]]
| style="text-align:left;" | [[Invision Cyber]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | Vector Investment Capital (75%+ control), Correlation Holdings (minority at Acies MGU level)
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Co-founder Stuart Essex formerly Head of UK PI at AXA XL
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Measured Analytics and Insurance.svg|80px|link=Measured Analytics and Insurance]]
| style="text-align:left;" | [[Measured Analytics and Insurance]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | Undisclosed (2 rounds)
| style="text-align:left;" | n.d.
| style="text-align:left;" | Signal Peak Ventures, Origin Ventures, Royal Street Ventures, Silicon Valley Data Capital, AV8 Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Onda.svg|80px|link=Onda]]
| style="text-align:left;" | [[Onda]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Pera.svg|80px|link=Pera]]
| style="text-align:left;" | [[Pera]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | $3.25M (group seed)
| style="text-align:left;" | n.d.
| style="text-align:left;" | Ryan Specialty (full owner), Maiden Holdings (prior seed)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Ryan Specialty (May 2025)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Resilience.svg|80px|link=Resilience]]
| style="text-align:left;" | [[Resilience]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | >$225M
| style="text-align:left;" | ~$650M (2021)
| style="text-align:left;" | Intact Ventures, General Catalyst, Lightspeed, Founders Fund, CRV, UL Ventures, Shield Capital
| style="background:#fff3cd; text-align:left;" | No — Independent (Intact strategic partner)
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of SafeInside Insurance.svg|80px|link=SafeInside Insurance]]
| style="text-align:left;" | [[SafeInside Insurance]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | >$170M (group)
| style="text-align:left;" | n.d.
| style="text-align:left;" | Avataar Ventures, BT Group, Sorenson Capital, Prosperity7, Eight Roads, Telstra Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Stoïk.svg|80px|link=Stoïk]]
| style="text-align:left;" | [[Stoïk]]
| style="text-align:left;" | ~€50M (2025)
| style="text-align:left;" | ~€69.8M
| style="text-align:left;" | n.d.
| style="text-align:left;" | Alven, a16z, Munich Re Ventures, Tokio Marine HCC, Impala, Opera Tech Ventures, Anthemis
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Henri de Castries (former AXA CEO) participated as business angel in Series A (June 2022)
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Sync Underwriting.svg|80px|link=Sync Underwriting]]
| style="text-align:left;" | [[Sync Underwriting]]
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | n.d.
| style="text-align:left;" | Rhodian Group (equity), Amwins (minority in Rhodian)
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|}
 
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