Cyber insurtech MGAs and underwriting agencies

🛡️ Cyber insurtech MGA competitive landscape

Logo	Company	Founded	HQ location	Region	Category	Target market	Description
	At-Bay	2016	, CA, San Francisco	North America	Cyber MGA / Carrier	SME to Large	U.S. cyber-focused insurtech, full-stack E&S carrier, InsurSec model, $292M raised, $1.35B valuation, AM Best A-
	Baobab Insurance	2021	, Berlin	Europe	Cyber MGA	SME	Germany's first integrated cyber insurance and risk mitigation provider; AI-native underwriting for EU markets
	BOXX Insurance	2018	, Toronto	North America	Cyber MGA / Carrier	SME to Individual	Integrated cyber insurance and cybersecurity tools; global offices in Miami, Zurich, Dubai, Mumbai
	Coalition	2017	, CA, San Francisco	North America	Cyber MGA / Carrier	SME to Large	Active Cyber Insurance combining insurance with cybersecurity tools; largest cyber insurtech valued at $5B
	Cogitanda	2016	, Altenahr	Europe	Cyber MGA / Carrier	SME to Mid-Market	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
	Converge Insurance	2021	, NY, New York	North America	Cyber MGA	SME to Mid-Market	Cyber risk coverage through broker partners; capacity partnership with QBE
	Corvus Insurance	2017	, MA, Boston	North America	Cyber MGA	SME to Mid-Market	Smart Cyber Insurance with data-driven underwriting and risk prevention tools. Acquired by Travelers in 2023
	Cowbell	2019	, CA, Pleasanton	North America	Cyber MGA	SME	AI-powered adaptive cyber insurance for SMEs; continuous underwriting platform with Cowbell Factors
	Elpha Secure	2018	, NY, New York	North America	Cyber MGA	SME	Combines proprietary cybersecurity software with insurance policies for end-to-end cyber protection
	Emergence Insurance	2015	, Sydney	Asia-Pacific	Cyber Underwriting Agency	SME to Large	Award-winning Australian cyber insurance underwriting agency; Lloyds capacity; also offers Australias first standalone personal/family cyber insurance. Steadfast Group joint venture
	Evolve MGA	2015	, CA, San Diego	North America	Cyber MGA	SME	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
	Eye Security	2020	, The Hague	Europe	Cyber MGA	SME	All-in-one 24/7 cybersecurity and cyber insurance package for European companies; expanding across EU
	Invision Cyber	2025	, London /	Europe / North America	Cyber MGA	Mid-Market to Large	Acies-founded MGA partnered with Trend Micro; Lloyds-backed cyber insurance using real-time telemetry from Trend Vision One for data-driven underwriting
	Measured Analytics and Insurance	2020		North America	Cyber MGA	SME	AI-driven cyber insurance MGA; CyberGuard product for SMEs with revenues up to $500M
	Onda	2022	, London / /	Europe	Cyber MGA	SME to Mid-Market	Lloyd's-backed cyber MGA with Navigator risk platform; operates in UK, France, and US markets
	Pera	2023		North America	Cyber MGA	Large Corporate	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
	Resilience	2016	, CA, San Francisco	North America	Cyber MGA	Mid-Market to Large	Cyber risk management and insurance; AI-driven risk quantification and cyber operations center. Formerly Arceo AI
	SafeInside Insurance	2022	, CA, Palo Alto	North America	Cyber MGA	Mid-Market to Large	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
	Stoïk	2021	, Paris	Europe	Cyber MGA	SME	French cyber insurtech; digital broker platform with risk monitoring, IT scanning, and phishing awareness tools
	Sync Underwriting	2020	, Sydney	Asia-Pacific	Cyber MGA	SME to Mid-Market	Australian cyber specialist underwriting agency; Lloyds coverholder offering comprehensive cyber policies including bricking loss, social engineering, and D&O liability coverage
	Dattak	2021	, Paris	Europe	Cyber MGA	SME	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

At-Bay

🏢 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.