Summary:At-Bay: Difference between revisions

|1 = {{#if:{{{bullet|}}}|* }}U.S. [[Definition:Cyber insurance | 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-

|2 = {{#if:{{{bullet|}}}|* }}At-Bay is a U.S. [[Definition:Cyber insurance | 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.

|3 = {{#if:{{{bullet|}}}|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech | insurtech]] founded in 2016 that underwrites [[Definition:Cyber insurance | cyber]], [[Definition:Technology errors and omissions insurance | 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 [[Definition:Exposure management | 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.

|4 = {{#if:{{{bullet|}}}|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech | insurtech]] founded in 2016 that underwrites [[Definition:Cyber insurance | cyber]], [[Definition:Technology errors and omissions insurance | 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 [[Definition:Trisura | Trisura]] and [[Definition:Hartford Steam Boiler | 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 [[Definition:Venture capital | venture capital]] across six rounds at a $1.35B post-money valuation, with investors including Lightspeed Venture Partners, 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]], [[Definition:Dark web monitoring | dark web monitoring]], AI-powered email fraud alerts, and [[Definition:Virtual chief information security officer (vCISO) | vCISO]] advisory services embedded via an Embedded Security Fee for [[Definition:Policyholder | 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 | 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.

|5 = {{#if:{{{bullet|}}}|* }}🏢 '''At-Bay''' is a U.S.-based [[Definition:Insurtech | insurtech]] founded in 2016 that underwrites [[Definition:Cyber insurance | cyber]], [[Definition:Technology errors and omissions insurance | 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 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 [[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 (Lightspeed Venture Partners, 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 [[Definition:Issuing carrier | issuing carrier]] and The [[Definition:Hartford Steam Boiler | 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]], [[Definition:Dark web monitoring | dark web monitoring]], AI-powered email fraud alerts, [[Definition:Virtual chief information security officer (vCISO) | 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 [[Definition:Endorsement | 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 [[Definition:Policyholder | policyholders]]; a June 2024 announcement described enterprise-grade MDR powered by [[Definition:CrowdStrike | CrowdStrike]] with 24/7 [[Definition:Security operations center (SOC) | 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 insurance | 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 coverage | computer fraud]]). [[Definition:Third-party insurance | Third-party]] [[Definition:Insuring agreement | Insuring Agreements]] cover [[Definition:Privacy liability insurance | 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 insurance | 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 | 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 [[Definition:Small and medium-sized business (SMB) | 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, systemic [[Definition:Cyber aggregation risk | 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.