Cyber insurtech MGAs and underwriting agencies

🌐 A rapidly maturing ecosystem of cyber-specialist MGAs is reshaping how businesses access cyber insurance worldwide. Over the past decade, a wave of insurtech managing general agents has emerged across North America, Europe, and Asia-Pacific, each combining delegated underwriting authority with proprietary technology, embedded cybersecurity services, and data-driven risk selection. This landscape now spans more than twenty dedicated cyber MGAs — from venture-backed unicorns like Coalition ($5B valuation, $770M raised) and At-Bay ($1.35B valuation, $292M raised) to nimble European challengers such as Stoïk, Baobab, and Dattak, and specialist platforms in Australia including Emergence Insurance and Sync Underwriting. Together, these players are building a new category of integrated "InsurSec" platforms that blur the line between insurance distribution and managed cybersecurity operations, challenging traditional carrier-led models with faster underwriting, continuous monitoring, and bundled prevention services.

🔄 The competitive landscape is entering a consolidation phase, with strategic acquirers and incumbent carriers accelerating M&A activity. Several landmark transactions have already reshaped the market: Travelers acquired Corvus Insurance for approximately $435M in early 2024, Zurich Insurance Group completed its full acquisition of BOXX Insurance in July 2025, Ryan Specialty absorbed Pera through its USQRisk acquisition in May 2025, and Brown & Brown integrated Evolve MGA via the Nexus/Kentro Capital deal in late 2023. Meanwhile, Cogitanda was rescued from insolvency by cybersecurity firm DGC AG, and Stoïk executed its first inorganic move by acquiring Belgian competitor CyberContract. These transactions signal that the standalone cyber MGA model is increasingly gravitating toward strategic partnerships, carrier ownership, or platform roll-ups — raising critical questions about which remaining independent players represent the most compelling acquisition targets.

Overview of key players

🛡️ Cyber insurtech MGA competitive landscape

Logo	Company	Founded	HQ location	Main region	Category	Target market	Description
	At-Bay	2016	, CA, San Francisco	North America	Cyber MGA / Carrier	SMEs	Template:Summary:At-Bay
	Baobab Insurance	2021	, Berlin	Europe	Cyber MGA	SME	Template:Summary:Baobab Insurance
	BOXX Insurance	2018	, Toronto	North America	Cyber MGA / Carrier	SME to Individual	Template:Summary:BOXX Insurance
	Coalition	2017	, CA, San Francisco	North America	Cyber MGA / Carrier	SME to Large	Template:Summary:Coalition
	Cogitanda	2016	, Altenahr	Europe	Cyber MGA / Carrier	SME to Mid-Market	Template:Summary:Cogitanda
	Converge Insurance	2021	, NY, New York	North America	Cyber MGA	SME to Mid-Market	Template:Summary:Converge Insurance
	Corvus Insurance	2017	, MA, Boston	North America	Cyber MGA	SME to Mid-Market	Template:Summary:Corvus Insurance
	Cowbell	2019	, CA, Pleasanton	North America	Cyber MGA	SME	Template:Summary:Cowbell
	Dattak	2021	, Paris	Europe	Cyber MGA	SME	Template:Summary:Dattak
	Elpha Secure	2018	, NY, New York	North America	Cyber MGA	SME	Template:Summary:Elpha Secure
	Emergence Insurance	2015	, Sydney	Asia-Pacific	Cyber Underwriting Agency	SME to Large	Template:Summary:Emergence Insurance
	Evolve MGA	2015	, CA, San Diego	North America	Cyber MGA	SME	Template:Summary:Evolve MGA
	Eye Security	2020	, The Hague	Europe	Cyber MGA	SME	Template:Summary:Eye Security
	Invision Cyber	2025	, London /	Europe / North America	Cyber MGA	Mid-Market to Large	Template:Summary:Invision Cyber
	Measured Analytics and Insurance	2020		North America	Cyber MGA	SME	Template:Summary:Measured Analytics and Insurance
	Onda	2022	, London / /	Europe	Cyber MGA	SME to Mid-Market	Template:Summary:Onda
	Pera	2023		North America	Cyber MGA	Large Corporate	Template:Summary:Pera
	Resilience	2016	, CA, San Francisco	North America	Cyber MGA	Mid-Market to Large	Template:Summary:Resilience
	SafeInside Insurance	2022	, CA, Palo Alto	North America	Cyber MGA	Mid-Market to Large	Template:Summary:SafeInside Insurance
	Stoïk	2021	, Paris	Europe	Cyber MGA	SME	Template:Summary:Stoïk
	Sync Underwriting	2020	, Sydney	Asia-Pacific	Cyber MGA	SME to Mid-Market	Template:Summary:Sync Underwriting

🛡️ Cyber Insurtech MGA — M&A Opportunity Comparison Table

Logo	Company	Est. GWP	Total Funding	Last Known Valuation	Key Shareholders / Investors	Acquired?	Link with AXA
	At-Bay	$380M ARR (Jan 2023)	$292M	$1.35B (2021)	Lightspeed, Khosla, Munich Re Ventures, M12, Qumra Capital	No — Independent	None identified
	Baobab Insurance	Not disclosed	€20.1M	Not disclosed	Project A, Augmentum Fintech, Viola FinTech, eCAPITAL	No — Independent	None identified
	BOXX Insurance	Not disclosed	$24.5M	Not disclosed	Zurich Insurance Group (full owner), Cyber Mentor Fund, SixThirty	Yes — Acquired by Zurich (July 2025)	AXA collaboration in Spain (Jan 2024, SME cyber risk prevention)
	Coalition	$775M+ run rate (July 2022)	$770M	$5B (2022)	Allianz X, Index Ventures, Ribbit Capital, T. Rowe Price	No — Independent	None identified
	Cogitanda	Not disclosed	Not disclosed	Not disclosed	DGC AG (post-insolvency acquirer)	Yes — Acquired by DGC AG from insolvency (Mar 2025)	None identified
	Converge Insurance	Not disclosed	$20M	Not disclosed	Forgepoint Capital, QBE Ventures	No — Independent	Founder Anthony Dagostino departed to AXA XL (Sep 2023)
	Corvus Insurance	$200M+ book	$162M	~$750M (Series C)	Travelers (full owner), Bain Capital Ventures, Insight Partners	Yes — Acquired by Travelers (~$435M, Jan 2024)	None identified
	Cowbell	$200M+ run rate (2021)	$208.3M+	Not disclosed	Zurich Insurance Group, Anthemis, Prosperity7, Permira	No — Independent (Zurich strategic investor)	None identified
	Dattak	€10M (2024); €22M target (2025)	€18M	Not disclosed	XAnge, Breega, Bpifrance	No — Independent	CEO Charlotte Couallier is former AXA France partnerships director
	Elpha Secure	Not disclosed	>$29M	Not disclosed	Canapi Ventures, AXIS Capital, State Farm Ventures, Hartford STAG	No — Independent	None identified
	Emergence Insurance	Not disclosed	Not disclosed	Not disclosed	Steadfast Group (33.33%), Hollard Insurance	No — Independent (Steadfast associate)	None identified
	Evolve MGA	Not disclosed	None (acquired)	Not disclosed	Brown & Brown / Nexus Underwriting (full owner)	Yes — Acquired by Nexus / Brown & Brown (2023)	Historical capacity panel included XL Catlin / AXA XL
	Eye Security	Not disclosed	€57.5M	Not disclosed	J.P. Morgan Growth Equity, Bessemer Venture Partners, TIN Capital	No — Independent	None identified
	Invision Cyber	Not disclosed	Not disclosed	Not disclosed	Correlation Holdings (minority), Vector Investment Capital	No — Independent	Co-founder Stuart Essex formerly Head of UK PI at AXA XL
	Measured Analytics and Insurance	Not disclosed	Undisclosed (2 rounds)	Not disclosed	Signal Peak Ventures, Origin Ventures, Silicon Valley Data Capital	No — Independent	None identified
	Onda	Not disclosed	Not disclosed	Not disclosed	Not disclosed	No — Independent	None identified
	Pera	Not disclosed	$3.25M (group seed)	Not disclosed	Ryan Specialty (full owner), Maiden Holdings (prior seed)	Yes — Acquired by Ryan Specialty (May 2025)	None identified
	Resilience	Not disclosed	>$225M	~$650M (2021)	Intact Ventures, General Catalyst, Lightspeed, Founders Fund, CRV	No — Independent (Intact strategic partner)	None identified
	SafeInside Insurance	Not disclosed	>$170M (group)	Not disclosed	Avataar Ventures, BT Group, Sorenson Capital, Prosperity7	No — Independent	None identified
	Stoïk	~€50M (2025)	~€69.8M	Not disclosed	Alven, a16z, Munich Re Ventures, Tokio Marine HCC, Impala, Opera Tech	No — Independent	None identified
	Sync Underwriting	Not disclosed	Not disclosed	Not disclosed	Rhodian Group (equity), Amwins (minority in Rhodian)	No — Independent	None identified

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At-Bay

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Baobab Insurance

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BOXX Insurance

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Coalition

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Cogitanda

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Converge Insurance

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Corvus Insurance

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Cowbell

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Dattak

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Elpha Secure

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Emergence Insurance

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Evolve MGA

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Eye Security

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Invision Cyber

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Measured Analytics and Insurance

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Onda

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Pera

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Resilience

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SafeInside Insurance

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Stoïk

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