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|1 = {{#if:{{{bullet|}}}|* }}Venture-backedU.S. cyber insurtech, MGA turned full-stack to-carrier combiningplatform, underwritingSMB withand proprietarymid-market security services forspecialist, 40,000+ SME policyholders, security-led underwriting edge
|2 = {{#if:{{{bullet|}}}|* }}At-Bay is a $1U.S.35 billion-valued cyber insurtech operatingcombining asMGA bothand ancarrier MGAcapabilities, andembedded AMsecurity Bestservices, Abroker-ratedled carrier,and deliveringAPI integrated insurancedistribution, and cybersecurity servicesdata-driven tounderwriting overacross 40,000 SME+ policyholders with loss ratios roughly half the industry average.
|3 = {{#if:{{{bullet|}}}|* }}🛡️ '''At-Bay''' is a Delaware-incorporatedU.S. cyber insurtech founded in 2016 that operatescombines as both an MGAinsurance and asecurity full-stackservices carrierthrough (At-Bayan Specialty Insurance CompanyMGA, AMa Bestspecialty A-), underwriting cyber liability, Tech E&Ocarrier, and miscellaneous professional liability while delivering proprietary cybersecurity services through its At-Bay Stance platformunits. TheIt companyserves hassmall raisedand $295.7mid-sized millionbusinesses in venturethrough fundingbrokers, wasdigital valued at $1.35 billion after its July 2021 Series Dplatforms, and managesAPI overchannels, $380 million in gross written premium while protectingwith more than 40,000 policyholders across 100+ industries. Its InsurSecdistinguishing modelfeatures —are pairing activecontinuous risk monitoring with insurance — has produced ransomware claim frequency seven times, lower -than the -industry average and gross loss ratios estimated at 30–40%experience, positioningand At-Baya asgradual theshift fourth-largestfrom U.S.fronted standalonecapacity cybertoward insurerits byown directA- premiumrated ascarrier of 2024platform.
|4 = {{#if:{{{bullet|}}}|* }}🏢 '''Profile.''' At-Bay is a private cyber insurtech founded in 2016, incorporated in Delaware, and headquartered in San Francisco. It operates through an MGA/agency, a specialty carrier, and cybersecurity services entities, with 340+ employees and an R&D presence in Tel Aviv.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🔐 '''Model.''' The company combines cyber insurance, technology E&O, miscellaneous professional liability, and managed security services under an integrated InsurSec model. Distribution runs through brokers, digital platforms, APIs, and embedded partnerships, while continuous risk monitoring informs underwriting and claims management.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}📈 '''Position.''' At-Bay managed more than $380 million of premium by 2022, reached 40,000+ policyholders by 2025, and ranked fourth among U.S. standalone cyber insurers by 2024 direct premium. Its key differentiators are lower-than-industry loss experience, security-led underwriting, and an ongoing transition from fronted capacity to an A- rated carrier platform.
|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.
|5 = {{#if:{{{bullet|}}}|* }}🏢 '''Identity.''' At-Bay is a private cyber insurtech founded in 2016, incorporated in Delaware, and headquartered in San Francisco. The group operates across insurance and cybersecurity, with principal entities spanning an MGA/agency, a specialty carrier, and security services operations, plus an R&D center in Tel Aviv.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🧑‍💼 '''Leadership.''' The company was founded by Rotem Iram and Roman Itskovich, who remain central to strategy and risk management. Other key executives include Ari Fischel in finance and senior leaders across underwriting, technology, claims, business development, and security.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🔐 '''Model.''' At-Bay's InsurSec model combines cyber insurance with continuous cybersecurity monitoring, managed detection and response, and advisory services. Core insurance offerings include cyber liability, technology E&O, and miscellaneous professional liability, with security features used to improve underwriting and claims outcomes.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🤝 '''Distribution.''' The company sells mainly through wholesale and broker channels supported by an online broker platform, APIs, and embedded partnerships. Its capacity model evolved from third-party carrier support toward a more integrated structure that includes reinsurance, a captive, and At-Bay Specialty Insurance Company.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}📈 '''Scale.''' At-Bay reported managed premium above $380 million by 2022 and had grown to more than 40,000 policyholders by 2025. It monitors roughly 1.5 million IT assets and ranked fourth among U.S. standalone cyber insurers by 2024 direct premium.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}💵 '''Economics.''' The company is privately held and does not publish audited public financial statements, but its model is primarily commission-driven with additional economics from security services and retained underwriting income. Venture funding totaled about $295.7 million, and the last disclosed valuation was $1.35 billion in 2021.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🏦 '''Capital.''' At-Bay historically operated as an asset-light MGA, then added carrier balance-sheet elements after acquiring and capitalizing its own insurer in 2023. It has no known debt, and AM Best assigned its carrier an A- rating with a stable outlook.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}⚖️ '''Risk.''' Key exposures include cyber accumulation events, adverse claims severity, reinsurance capacity dependence, data security, and regulatory change. The company addresses these through active risk monitoring, technical underwriting, reinsurance, governance upgrades, and tighter carrier oversight.{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}||<br>}}{{#if:{{{bullet|}}}|* }}🧭 '''Outlook.''' Strategic priorities include deeper small-business penetration, broader specialty-line expansion, more optimized risk retention, and continued investment in underwriting and security technology. The long-term goal appears to be a durable, potentially IPO-ready specialty insurer with stronger control over both distribution and balance sheet economics.
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{{#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 partnerships, and hard-market rate increases. 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, maintaining independence while competitors Corvus and Cowbell faced capacity disruptions and acquisitions.
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{{#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 gradually 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 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.
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{{#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.
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{{#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.
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{{#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.
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{{#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 alongside a new stream of investment income from the carrier's bond portfolio.
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{{#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.
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{{#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.
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{{#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|}}}||<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 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.
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