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.

At-Bay
At-Bay, Inc.
Corporate identity
Type	Private — insurtech full-stack E&S carrier
License type	Property & casualty insurance agency and surplus lines broker (all 50 states and D.C.)
Incorporation	Delaware
Founded	2016 (2016)
Headquarters	San Francisco, California
Domicile	Delaware (carrier)
Licensed jurisdictions	United States (E&S; carrier licensed in 44 states)
Regulator	Delaware Department of Insurance
Ultimate parent	At-Bay, Inc.
Major shareholders	Lightspeed Venture Partners Khosla Ventures Icon Ventures Munich Re Ventures M12 Qumra Capital Acrew Capital ION Crossover Partners
Key people	Rotem Iram, Co-founder and CEO Roman Itskovich, Co-founder and CRO Ken Riegler, President, Insurance Business Ari Fischel, CFO Ayelet Kutner, CTO Thom Dekens, Chief Business Officer and GM, Security Affiliate Tara Bodden, General Counsel and Head of Claims Joe Schiro, Chief HR Officer
Number of employees	300+
Business & markets
Customer segments	SMB, mid-market, and enterprise (revenue up to $5B)
Lines of business	Cyber Technology E&O MPL
Business segments	Insurance Cybersecurity services
Main products & services	Stance Exposure Management MDR / MXDR (via At-Bay Security, LLC) Security Report InsurSec packages
Technology platform	Stance (exposure management, scanning, monitoring, AI-powered alerts, vCISO advisors)
Capacity providers	At-Bay Specialty Insurance Company (own E&S carrier, AM Best A- stable) The Hartford Steam Boiler Inspection and Insurance Company (historical lead reinsurer) Trisura Specialty Insurance Company (historical fronting carrier) AXA SA (reinsurer)
Distribution	Wholesale brokers Digital channels Relay (multi-carrier digital marketplace, acquired)
Geographic markets	United States
Customers served	Close to 40,000 businesses
Key financials
Net income	$1.29M (2023, carrier-level)
Gross written premium	$240M (2021 run-rate) $380M annual recurring GWP (January 2023) $154.5M (2023, carrier statutory-style)
Combined ratio	98% (2023, carrier-level)
Total funding raised	$292M
Last funding round	Series D extension, $20M, October 2021
Last known valuation	$1.35B (July 2021)
Lead investors	Lightspeed Venture Partners Khosla Ventures Icon Ventures Munich Re Ventures Qumra Capital
Insurer financial strength	AM Best A- (stable, April 2023; reaffirmed August 2025)
Financial figures mix company disclosures and statutory-style surplus lines reporting for the carrier; not audited group GAAP financials.

💰 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.

The following sections provide further details.

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Corporate profile and regulatory footprint

🏢 Parent and subsidiaries. At-Bay, Inc. is the parent holding company of the At-Bay group, referenced in statutory surplus lines reporting and company disclosures describing its subsidiaries. At-Bay Insurance Services LLC is a property and casualty insurance agency and surplus lines broker licensed in all 50 states and the District of Columbia. At-Bay Security, LLC is a wholly owned subsidiary providing cybersecurity services including MDR and incident response, and does not provide insurance services.

🏛️ Risk-bearing carrier. At-Bay Specialty Insurance Company is a Delaware-domiciled excess and surplus lines property and casualty carrier identified with NAIC number 19607 and FEIN 75-1221488. The carrier was acquired from XL Insurance America, Inc. and is licensed in 44 states. The carrier was formerly known as XL Select Insurance Company; Puerto Rico's insurance regulator issued a circular letter regarding the name change effective January 24, 2023. The Delaware Department of Insurance published a notice of public hearing regarding the acquisition of control of XL Select Insurance Company by At-Bay, Inc.

📍 Domicile and offices. Multiple official documents identify Delaware as the domicile for the E&S carrier and Wilmington as the principal operating location. The company maintains a globally distributed workforce with hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.

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Leadership and governance

👤 Co-founders. Rotem Iram (co-founder and CEO) previously served as Managing Director and COO at K2 Intelligence, worked at McKinsey & Company, and served as a captain in Unit 8200. He holds an MBA from Harvard Business School. Roman Itskovich (co-founder and CRO) previously served as VP of Financial Products at Ebury, was on the investment team at Bain Capital, and worked at McKinsey. He holds a BA from Tel Aviv University and an MBA from Harvard Business School. Additional co-founders Etai Hochman and Tilli Kalisky-Bannett have been identified in business press but are no longer in active leadership roles.

🏗️ Executive team. The leadership structure spans insurance and security operations. Ken Riegler serves as President of the insurance business, having previously served as AIG's President of North America General Insurance. Ari Fischel is CFO, with a prior CFO role at Capital Rx and finance leadership positions at Oscar Health, Nielsen, and General Electric. Ayelet Kutner is CTO, having served as VP of Engineering at Forescout Technologies and head of platforms, SMB, and ICS products at Check Point Software Technologies. Thom Dekens is Chief Business Officer and GM of the security affiliate, with prior roles at Boston Consulting Group and in corporate development at Forescout.

⚖️ Legal and people leadership. Tara Bodden is General Counsel and Head of Claims, previously SVP of Cyber/Technology/Media/Entertainment at Hiscox USA. Joe Schiro is Chief HR Officer, with a prior Head of People role at Tally.

📋 Board and governance. Preeti Rathi of Icon Ventures joined the board in conjunction with the Series D financing. Gregg Davis and Rob Glanville joined the carrier as independent directors following its acquisition. David Lockton has been referenced in board member or observer roles across At-Bay releases.

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Funding and ownership

💰 At-Bay equity funding rounds, cumulative totals, and valuations (USD)

Round	Date	Amount raised	Lead investor(s)	Notable co-investors	Post-money valuation	Cumulative funding
Seed	November 2017	$6M	Lightspeed Venture Partners	Shlomo Kramer; LocalGlobe	—	$6M
Series A	May 2018	$13M	Khosla Ventures; Lightspeed Venture Partners	Shlomo Kramer	—	$19M
Series B	February 2020	$34M	Munich Re Ventures; Acrew Capital	Khosla Ventures; Lightspeed Venture Partners; Shlomo Kramer	—	$53M
Series C	December 2020	$34M	Qumra Capital	M12; Acrew Capital; Munich Re Ventures; Khosla Ventures; Lightspeed Venture Partners	—	$87M
Series D	July 2021	$185M	Icon Ventures; Lightspeed Venture Partners	Khosla Ventures; M12; Munich Re Ventures; Qumra Capital; Acrew Capital	$1.35B	$272M
Series D extension	October 2021	$20M	ION Crossover Partners	—	$1.35B	$292M

💵 Total capital raised. At-Bay has raised $292M in total equity capital across four rounds, with the Series D and its extension totaling $205M. The $1.35B post-money valuation from the 2021 financing remains the last disclosed figure.

🧩 Investor composition. The investor base combines generalist growth and early-stage venture funds, a strategic reinsurer venture arm (Munich Re Ventures), and a strategic corporate venture fund (M12, Microsoft's venture arm).

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Customer segments and underwriting scope

🎯 Target segments. At-Bay serves close to 40,000 businesses in the United States with revenue up to $5B, framing its primary constituency as SMB. In June 2024, the company expanded its E&S cyber and tech E&O offering to cover businesses with up to $5B in revenue and aggregate limits up to $10M. A January 2023 carrier acquisition announcement cited more than 26,000 insureds at that time.

📊 Customer mix. The book is SMB-heavy by count but increasingly extends into mid-market and enterprise segments by eligibility and limit architecture. SMB emphasis is reflected in At-Bay's positioning of its integrated InsurSec offering and large policyholder counts. Mid-market and larger-risk capability is supported by the higher revenue ceiling and aggregate limits, as well as At-Bay's capacity to write primary and excess cyber and tech E&O.

🚫 Industry restrictions. At-Bay's ransomware supplemental application indicates certain restricted industries such as gambling, adult content, and cannabis.

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Policy coverage and claims services

📜 Policy structure. At-Bay's published Cyber Insurance Policy Form AB‑CYB‑001.2 (08/2023) is underwritten by At-Bay Specialty Insurance Company. The form uses a modular structure with multiple Insuring Agreements comprising third-party liability and first-party event costs, subject to an aggregate limit and sub-limits shown in declarations. Third-party coverages operate on a claims-made basis; first-party coverages are tied to events first discovered or disruptions first occurring during the policy period.

🛡️ First-party coverages. The policy form provides incident response and recovery costs comprising Technical Response Loss, Legal Services Loss, Public Relations Loss, Notification Loss, Reward Expense Loss, Credit Monitoring Loss, Data Recovery Loss, and System Restoration Loss across information privacy and network security events. Business interruption coverage includes both direct and contingent business interruption with Business Interruption Loss and Extra Expense. Cyber extortion coverage addresses Extortion Loss tied to an Extortion Threat first discovered during the policy period. Financial fraud coverage encompasses Social Engineering (Fraudulent Inducement Loss) and Computer Fraud (Computer Crimes Loss).

⚖️ Third-party coverages. Insuring Agreements include Information Privacy Liability, Regulatory Liability (explicitly including GDPR Penalties, Regulatory Penalties, and Regulatory Assessments and Expenses), PCI-DSS Liability, Network Security Liability, and Media Liability with a separate media event response component.

⚠️ Key exclusions. The policy includes a War exclusion applying to Loss, Damages, or Claim Expenses arising out of war, invasion, acts of foreign enemies, and hostilities, with no carve-back language visible in the exclusion section. An Infrastructure exclusion covers electrical and mechanical failures and outages by service providers, with carve-backs for systems under the insured's direct operational control and certain privacy/network wrongful-act scenarios. A Prior Acts exclusion applies to third-party coverage tied to a retroactive date and subsidiary status.

🔧 Claims handling. At-Bay's Response & Recovery team of digital forensics and incident recovery experts is integrated with its claims process, providing in-house incident response capability.

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Cybersecurity services and technology stack

🔒 InsurSec model. At-Bay positions itself as an InsurSec company combining insurance with security tooling and human services. As part of the quote process, it provides a Security Report including cyber risk analysis, industry data, and security recommendations. The Stance Exposure Management platform provides scanning and monitoring of digital assets, prioritization of exposures, and access to Cyber Advisors.

📡 Continuous monitoring and in-force services. At-Bay's security platform includes vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisors, and security awareness training. Enhancements include security awareness training and integrations for Microsoft and Google email platforms within the Stance offering. Access to Stance Exposure Management is available to surplus cyber and tech E&O policyholders via an Embedded Security Fee and endorsement.

🖥️ MDR and MXDR. MDR services are provided via At-Bay Security, LLC, offered separately from insurance coverage and not limited to policyholders. A June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 monitoring via a Security Operations Center. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne.

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Distribution and partnerships

🤝 Distribution architecture. At-Bay distributes through wholesale brokers and digital channels. The company operates a dedicated broker platform and pursues an API distribution strategy, reinforced by its acquisition of Relay, a multi-carrier digital distribution marketplace intended to remain operationally independent while complementing At-Bay's digital distribution approach.

🏗️ Capacity and reinsurance evolution. In Phase 1 (pre-carrier issuance), At-Bay launched a program in May 2022 backed by Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler Inspection and Insurance Company as largest capital provider and lead reinsurer, with additional capacity from a reinsurance panel placed by Guy Carpenter that included Skyward Specialty Insurance Group. At-Bay also formed a captive reinsurance company as part of this structure. In Phase 2, At-Bay completed its acquisition of At-Bay Specialty Insurance Company in January 2023 and began issuing cyber and tech E&O policies on its own Delaware-based E&S carrier paper in August 2023, finalizing the transition to a full-stack carrier.

⭐ Carrier rating. At-Bay Specialty Insurance Company received an A- rating from AM Best in April 2023 with a stable outlook. AM Best reaffirmed the A- rating with stable outlook in August 2025.

🏆 Competitive positioning. At-Bay frames its differentiation around the combined insurance and security model, claiming it can reduce loss frequency by proactively identifying and helping remediate exposures. The transition from MGA/fronted structures to issuing on its own E&S paper is positioned as increasing agility and financial stability for brokers and customers.

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Financial performance

📊 At-Bay key financial indicators from company disclosures and carrier statutory-style reporting (USD)

KPI	Most recent figure	Prior year	Source
GWP (company-stated run-rate)	$240M (2021)	—	At-Bay press release (May 2022)
GWP growth rate (YoY)	600% (2021 vs. prior year)	—	At-Bay press release (May 2022)
Policy count (in force)	26,000+ insureds (January 2023)	—	At-Bay carrier acquisition announcement
Carrier gross premium (statutory-style)	$154.5M (2023)	$0 (2022)	Florida surplus lines servicing report
Carrier combined ratio	98% (2023)	—	Florida surplus lines servicing report
Carrier net income	$1.29M (2023)	$0.69M (2022)	Florida surplus lines servicing report
Headcount	300+	—	At-Bay company overview

📈 Premium trajectory. At-Bay's disclosed premium scale moved from $240M in 2021 GWP run-rate to annual recurring gross written premium of $360M in 2022 and $380M as of the January 2023 carrier acquisition announcement. Carrier statutory-style reporting shows material written premium appearing in 2023, consistent with the transition toward issuing on At-Bay Specialty Insurance Company paper.

💹 Carrier profitability. Carrier-level reporting shows positive net income in 2022 ($0.69M) and 2023 ($1.29M) with a 2023 combined ratio of 98%, indicating marginally profitable underwriting on a statutory basis.

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Risk factors

🔄 Reinsurance dependency. Although At-Bay has moved to issuing on its own E&S carrier, its disclosed and implied structures still rely heavily on reinsurance and program-type capital provision, as evidenced by disclosures naming a lead reinsurer in the prior fronted structure and carrier reporting listing major reinsurers.

🌐 Systemic cyber aggregation. At-Bay's product scope includes first-party business interruption, extortion, and other coverages that can aggregate in systemic events. The policy form and product disclosures confirm these coverages exist; scenario-specific aggregation controls are not publicly detailed.

🏛️ Regulatory risk. At-Bay's evolution includes a regulated change-of-control process for the carrier through the Delaware Department of Insurance, illustrating the significance of regulatory approvals and ongoing oversight for corporate actions.

⚙️ Technology execution risk. A material portion of At-Bay's differentiation depends on execution of security services, some embedded via endorsement and some sold through an affiliate. Operational failure, adverse customer outcomes, or vendor dependency — notably MDR technology powered by third parties — could affect underwriting outcomes and reputational standing.

🔗 Acquisition integration. The acquisition of Relay is framed as an integration into At-Bay's distribution strategy while keeping Relay operationally independent; governance and commercial alignment risks remain.

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Strategy and outlook

🎯 Three strategic pillars. At-Bay's public actions indicate a coherent strategy built on three operational pillars: vertical integration into risk bearing via acquisition of an E&S carrier and subsequent issuance on its own paper; integrated insurance and security via the Stance platform, embedded security economics, and separate MDR commercialization; and distribution modernization via broker platform and API strategy, reinforced by acquisition of Relay as a multi-carrier marketplace.

📦 Product expansion. In October 2025, At-Bay launched InsurSec packages combining security and insurance enhancements tied to ransomware and financial fraud protection. At-Bay has stated ambitions to expand into additional specialty lines beyond its current cyber, tech E&O, and MPL portfolio.

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Company timeline

• 2016 — Company founded by Rotem Iram and Roman Itskovich, among others.
• November 2017 — Seed financing of $6M led by Lightspeed Venture Partners.
• May 2018 — Series A financing of $13M led by Khosla Ventures and Lightspeed Venture Partners.
• February 2020 — Series B financing of $34M led by Munich Re Ventures and Acrew Capital.
• December 2020 — Series C financing of $34M led by Qumra Capital, with M12 joining.
• July 2021 — Series D financing of $185M at $1.35B valuation.
• October 2021 — $20M Series D extension with ION Crossover Partners.
• May 2022 — Trisura-fronted cyber program launched; Hartford Steam Boiler disclosed as largest capital provider and lead reinsurer; At-Bay forms captive reinsurer; reinsurance placed by Guy Carpenter.
• August 2022 — MPL product launched and Relay acquired.
• December 2022 — Delaware regulator notice of public hearing on acquisition of control of XL Select Insurance Company by At-Bay, Inc.
• January 24, 2023 — At-Bay completes acquisition of E&S carrier from XL Insurance America.
• April 19, 2023 — AM Best assigns A- rating (stable outlook) to At-Bay Specialty Insurance Company.
• August 2023 — At-Bay begins issuing cyber and tech E&O policies on its own E&S paper.
• June 2024 — E&S coverage expanded to businesses up to $5B revenue and aggregate limits up to $10M; MDR described as powered by CrowdStrike.
• August 2025 — AM Best reaffirms A- rating with stable outlook.
• October 2025 — InsurSec packages launched combining security and insurance enhancements for ransomware and financial fraud protection.

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See also

• Cyber insurtech MGAs and underwriting agencies

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