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🛡️ At-Bay, Inc. is a Delaware-incorporated cyber insurtech founded in 2016 that operates as both an MGA and a full-stack carrier (At-Bay Specialty Insurance Company, AM Best A-), combining underwriting of cyber liability, Tech E&O, and miscellaneous professional liability with proprietary cybersecurity services delivered through its At-Bay Stance platform. The company has raised $295.7 million in venture funding, was valued at $1.35 billion after its July 2021 Series D, and manages over $380 million in gross written premium while protecting more than 40,000 policyholders across 100+ industries. Its InsurSec model — pairing 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 U.S. standalone cyber insurer by direct premium as of 2024.

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-  |1 = {{#if:{{{bullet|}}}|* }}At-Bay, Inc. — $1.35B-valued venture-backed cyber insurtech MGA and carrier (AM Best A-) combining underwriting with proprietary cybersecurity services for 40,000+ SME policyholders via its InsurSec platform.
+  |1 = {{#if:{{{bullet|}}}|* }}At-Bay — venture-backed cyber insurtech MGA turned full-stack carrier (AM Best A-), combining underwriting with proprietary security services, protecting 40,000+ SME policyholders at a $1.35B valuation
-  |2 = {{#if:{{{bullet|}}}|* }}At-Bay, Inc. is a $1.35B-valued cyber insurtech MGA and AM Best A- rated carrier protecting 40,000+ policyholders across 100+ industries by combining insurance underwriting with proprietary cybersecurity services through its InsurSec platform.
+  |2 = {{#if:{{{bullet|}}}|* }}At-Bay is a $1.35B-valued cyber insurtech that underwrites specialty insurance and delivers managed security services to over 40,000 SME policyholders, achieving loss ratios roughly half the industry average through its proprietary InsurSec model.
-  |3 = {{#if:{{{bullet|}}}|* }}🛡️ '''At-Bay, Inc.''' is a Delaware-incorporated cyber insurtech founded in 2016 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 over 340 employees, the company has grown Gross Written Premium from an estimated $40 million in 2020 to over $380 million by 2022, protecting more than 40,000 policyholders across 100+ industries. It acquired and launched its own carrier (At-Bay Specialty Insurance Company, AM Best A- rated) in 2023, ranking fourth among U.S. standalone cyber insurers by direct premium in 2024 and distinguished by a ransomware claim frequency seven times lower than the industry average.
+  |3 = {{#if:{{{bullet|}}}|* }}🛡️ '''At-Bay, Inc.''' is a Delaware-incorporated cyber insurtech founded in 2016 that operates as both an MGA and a full-stack carrier (At-Bay Specialty Insurance Company, AM Best A-), combining underwriting of cyber liability, Tech E&O, and miscellaneous professional liability with proprietary cybersecurity services delivered through its At-Bay Stance platform. The company has raised $295.7 million in venture funding, was valued at $1.35 billion after its July 2021 Series D, and manages over $380 million in gross written premium while protecting more than 40,000 policyholders across 100+ industries. Its InsurSec model — pairing 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 U.S. standalone cyber insurer by direct premium as of 2024.
+  |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.
-  |4 = {{#if:{{{bullet|}}}|* }}🏢 '''Company and model.'''
+{{#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.
-'''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 delivered 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 in venture funding and was valued at $1.35 billion following a July 2021 Series D. Core products include Cyber Liability, Technology E&O, and Miscellaneous Professional Liability, distributed through wholesale brokers via an online portal, API integrations, and an admitted product available in 47 states.
+{{#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.
-{{#if:{{{bullet|}}}|* }}📈 '''Performance and competitive position.'''
+{{#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.
-Gross Written Premium grew from an estimated $40 million in 2020 to over $380 million by 2022, with the policyholder count surpassing 40,000 across more than 100 industries by 2025. Technical underwriting has produced gross loss ratios estimated at 30–40% against industry peaks of 75–100%, with ransomware claim frequency seven times lower than average. In January 2023 the company acquired an E&S carrier from AXA XL, renamed At-Bay Specialty Insurance Company, which earned an AM Best A- rating and ranked fourth among U.S. standalone cyber insurers by direct premium in 2024.
+{{#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.
+{{#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.
-{{#if:{{{bullet|}}}|* }}🚀 '''Outlook and strategy.'''
+{{#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.
-The forward strategy centers on deepening SME penetration through admitted and API distribution channels, 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 but unit economics are favorable, with an estimated 75% combined ratio on retained business yielding a 25% underwriting margin. The hire of CFO Ari Fischel, whose background includes preparing Oscar Health for IPO, signals public-market readiness as the company moves toward self-sustainability.
+{{#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.
-  |5 = {{#if:{{{bullet|}}}|* }}🏢 '''Company profile.'''
+{{#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.
-'''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 (At-Bay Specialty Insurance Company, AM Best A-). Headquartered in San Francisco with an R&D center in Tel Aviv, the company has raised $295.7 million across eight venture rounds and was valued at $1.35 billion following a July 2021 Series D. Key institutional backers include Lightspeed Venture Partners, Icon Ventures, Khosla Ventures, M12 (Microsoft), and Munich Re Ventures, with no single investor holding a disclosed controlling stake.
+{{#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.
+{{#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.
-{{#if:{{{bullet|}}}|* }}🔄 '''Business model.'''
-The company operates a hybrid "InsurSec" model combining MGA insurance underwriting with proprietary cybersecurity services delivered through its At-Bay Stance platform. Core insurance products include Cyber Liability, Technology E&O, and Miscellaneous Professional Liability, with revenue primarily commission-driven at an estimated 15–20% of Gross Written Premium, supplemented by contingent commissions and embedded security fees. Distribution relies on wholesale brokers via an online Broker Platform, API integrations, and strategic alliances with Microsoft and CrowdStrike.
-{{#if:{{{bullet|}}}|* }}⚔️ '''Capacity and competitive position.'''
-Capacity has evolved from a single carrier (HSB/Munich Re) to a diversified multi-carrier panel including Trisura Specialty, a captive reinsurance subsidiary, and its own At-Bay Specialty carrier. By 2024, At-Bay Specialty ranked fourth among U.S. standalone cyber insurers by direct premium written, behind Coalition (roughly double the premium) but ahead of peers like Corvus (acquired by Travelers) and Cowbell (which lost a key capacity partner). Differentiators include ransomware claim frequency seven times lower than the industry average, automated MPL quoting in under two minutes, and a broker portal with a 93 NPS.
-{{#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, capacity deployment during the hard market, and steep rate increases. The policyholder count rose from approximately 5,000 in 2020 to over 40,000 by 2025 across more than 100 industries. Technical underwriting has produced gross loss ratios estimated at 30–40% against an industry peak of 75–100%, driven by proactive vulnerability patching, rigorous risk selection, and efficient in-house claims handling.
-{{#if:{{{bullet|}}}|* }}💰 '''P&L trends.'''
-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. The company is likely not yet profitable on a consolidated basis given heavy growth-mode investment, with operating losses sustained by venture capital. However, starting in 2023, the retained slice of business written through At-Bay Specialty could produce an estimated 75% combined ratio, yielding a 25% underwriting margin that complements commission income.
-{{#if:{{{bullet|}}}|* }}🏦 '''Balance sheet and liquidity.'''
-Prior to 2023, the balance sheet was essentially cash and equity from cumulative venture funding, with no insurance liabilities held. Post-2023, the consolidated balance sheet includes carrier assets (a conservative bond portfolio, reinsurance recoverables, and premium receivables) alongside insurance liabilities, though the carrier's book remains heavily reinsured. AM Best assessed At-Bay Specialty's risk-adjusted capitalization at the "strongest" level, the company carries zero known debt, and short-term liquidity is described as "solid."
-{{#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, 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.
-{{#if:{{{bullet|}}}|* }}🧑‍💼 '''Governance and ESG.'''
-Governance has matured with the addition of independent directors Gregg Davis and Rob Glanville to At-Bay Specialty's board in 2023, alongside founder-executives and investor representatives from Icon Ventures and Lightspeed. Management incentives are equity-driven, with the prospect of an eventual liquidity event aligning interests toward profitability. The ESG profile is positive but not heavily publicized, with the social contribution lying in closing the cyber protection gap for SMBs and no reported controversies or regulatory fines.
-{{#if:{{{bullet|}}}|* }}🚀 '''Capital history and outlook.'''
-The company has raised $295.7 million across eight equity rounds, from a 2016–2017 seed through the landmark $185 million Series D in July 2021 at a $1.35 billion valuation, with no further raises since September 2022. The investor syndicate spans top-tier VCs, corporate venture arms, Israeli funds, and crossover investor ION Crossover Partners, whose presence signals public-market ambitions. The forward strategy centers on deepening SME penetration, expanding into adjacent specialty lines, optimizing carrier operations, and pursuing a roadmap toward EBITDA breakeven and an eventual IPO.
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