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{{Infobox company
| name = At-Bay
| legal_name = At-Bay, Inc.
| logo =
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| license_type = Property & casualty insurance agency and surplus lines broker (all 50 states and D.C.)
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| founded = {{Start date and age|2016}}
| headquarter = San Francisco,
| domicile = Delaware
| insurance_jurisdictions = United States (E&S; carrier licensed in 44 states)
| regulator = Delaware Department of Insurance
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| shareholders = Lightspeed Venture Partners<br/>Khosla Ventures<br/>Icon Ventures<br/>Munich Re Ventures<br/>M12<br/>Qumra Capital<br/>Acrew Capital<br/>ION Crossover Partners
| key_people = Rotem Iram, Co-founder and CEO<br/>Roman Itskovich, Co-founder and CRO<br/>Ken Riegler, President, Insurance Business<br/>Ari Fischel, CFO<br/>Ayelet Kutner, CTO<br/>Thom Dekens, Chief Business Officer and GM, Security Affiliate<br/>Tara Bodden, General Counsel and Head of Claims<br/>Joe Schiro, Chief HR Officer
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| customer_segments = SMB, mid-market, and enterprise (revenue up to $5B)
| lines_of_business = Cyber<br/>Technology E&O<br/>MPL
| segments = Insurance<br/>Cybersecurity services
| products = Stance Exposure Management<br/>MDR / MXDR (via At-Bay Security, LLC)<br/>Security Report<br/>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)<br/>The Hartford Steam Boiler Inspection and Insurance Company (historical lead reinsurer)<br/>Trisura Specialty Insurance Company (historical fronting carrier)<br/>AXA SA (reinsurer)
| distribution = Wholesale brokers<br/>Digital channels<br/>Relay (multi-carrier digital marketplace, acquired)
| geographic_markets = United States
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| ebitda =
| net_income = $1.29M (2023, carrier-level)
| gwp = $240M (2021 run-rate)<br/>$380M annual recurring GWP (January 2023)<br/>$154.5M (2023, carrier statutory-style)
| nwp =
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| combined_ratio = 98% (2023, carrier-level)
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| total_funding = $292M
| last_round = Series D extension, $20M, October 2021
| last_valuation = $1.35B (July 2021)
| lead_investors = Lightspeed Venture Partners<br/>Khosla Ventures<br/>Icon Ventures<br/>Munich Re Ventures<br/>Qumra Capital
| capital_structure =
| ifsr = AM Best A- (stable, April 2023; reaffirmed August 2025)
| capacity_partner_ratings =
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| footnotes = Financial figures mix company disclosures and statutory-style surplus lines reporting for the carrier; not audited group GAAP financials.
}}
{{Summary:At-Bay|5}}
{{More details}}
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==
🏛️ '''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.<ref name="fslso2024"/> The carrier was acquired from XL Insurance America, Inc. and is licensed in 44 states.<ref name="atbay-issuing">{{cite web |title=At-Bay Begins Issuing Policies on Its Own Paper |url=https://www.at-bay.com/press_releases/at-bay-begins-issuing-policies-on-its-own-paper/ |publisher=At-Bay |date=August 2023 |access-date=2026-03-09}}</ref><ref name="atbay-carrier-acq">{{cite web |title=At-Bay Specialty Insurance Company Acquisition |url=https://www.at-bay.com/press_releases/at-bay-specialty-insurance-company/ |publisher=At-Bay |date=January 2023 |access-date=2026-03-09}}</ref> 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.<ref name="fslso2024"/> 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.<ref name="delaware-doi">{{cite web |title=Public Hearing — Acquisition of Control of XL Select Insurance Company by At-Bay, Inc. |url=https://insurance.delaware.gov/wp-content/uploads/sites/15/2022/11/Public-Hearing-regarding-the-acquisition-of-control-of-or-Merger-with-XL-Select-Ins-Co-by-At-Bay-Inc.pdf |publisher=Delaware Department of Insurance |date=November 2022 |access-date=2026-03-09}}</ref>
📍 '''Domicile and offices.''' Multiple official documents identify Delaware as the domicile for the E&S carrier and Wilmington as the principal operating location.<ref name="fslso2024"/> The company maintains a globally distributed workforce with hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.<ref name="atbay-overview"/>
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==
👤 '''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.<ref name="atbay-overview"/><ref name="cm2017">{{cite web |title=At-Bay Raises $6 Million Seed Round |url=https://www.carriermanagement.com/news/2017/11/16/173153.htm |publisher=Carrier Management |date=16 November 2017 |access-date=2026-03-09}}</ref> 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.<ref name="atbay-overview"/> Additional co-founders Etai Hochman and Tilli Kalisky-Bannett have been identified in business press but are no longer in active leadership roles.<ref name="globes2021">{{cite web |title=Insurtech co At-Bay reaches unicorn status in $185m raise |url=https://en.globes.co.il/en/article-insurtech-co-at-bay-reaches-unicorn-status-in-185m-raise-1001379675 |publisher=Globes |date=July 2021 |access-date=2026-03-09}}</ref>
🏗️ '''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.<ref name="atbay-overview"/> Ari Fischel is CFO, with a prior CFO role at Capital Rx and finance leadership positions at Oscar Health, Nielsen, and General Electric.<ref name="atbay-overview"/><ref name="atbay-seriesd-ext">{{cite web |title=At-Bay Closes $20M Extension to Series D |url=https://www.at-bay.com/press_releases/at-bay-closes-20m-extension-to-series-d/ |publisher=At-Bay |date=October 2021 |access-date=2026-03-09}}</ref> 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.<ref name="atbay-overview"/> 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.<ref name="atbay-overview"/>
⚖️ '''Legal and people leadership.''' Tara Bodden is General Counsel and Head of Claims, previously SVP of Cyber/Technology/Media/Entertainment at Hiscox USA.<ref name="atbay-overview"/> Joe Schiro is Chief HR Officer, with a prior Head of People role at Tally.<ref name="atbay-overview"/>
📋 '''Board and governance.''' Preeti Rathi of Icon Ventures joined the board in conjunction with the Series D financing.<ref name="atbay-seriesd">{{cite web |title=At-Bay Raises $185 Million Series D |url=https://www.at-bay.com/press_releases/series-d/ |publisher=At-Bay |date=July 2021 |access-date=2026-03-09}}</ref> Gregg Davis and Rob Glanville joined the carrier as independent directors following its acquisition.<ref name="atbay-carrier-acq"/><ref name="atbay-overview"/> David Lockton has been referenced in board member or observer roles across At-Bay releases.<ref name="atbay-issuing"/>
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==
{| class="wikitable sortable" width="100%" style="font-size:0.85em
|+ 💰 At-Bay equity funding rounds, cumulative totals, and valuations (USD)
! scope="col" style="text-align:center" | Round
! scope="col" style="text-align:center" | Date
! scope="col" style="text-align:right; width:7em" | Amount raised
! scope="col" style="text-align:center" | Lead investor(s)
! scope="col" style="text-align:center" | Notable co-investors
! scope="col" style="text-align:right; width:7em" | Post-money valuation
! scope="col" style="text-align:right; width:7em" | Cumulative funding
|-
| Seed || November 2017 || style="text-align:right" | $6M || Lightspeed Venture Partners || Shlomo Kramer; LocalGlobe || style="text-align:right" | — || style="text-align:right" | $6M
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| Series A || May 2018 || style="text-align:right" | $13M || Khosla Ventures; Lightspeed Venture Partners || Shlomo Kramer || style="text-align:right" | — || style="text-align:right" | $19M
|-
| Series B || February 2020 || style="text-align:right" | $34M || Munich Re Ventures; Acrew Capital || Khosla Ventures; Lightspeed Venture Partners; Shlomo Kramer || style="text-align:right" | — || style="text-align:right" | $53M
|-
| Series C || December 2020 || style="text-align:right" | $34M || Qumra Capital || M12; Acrew Capital; Munich Re Ventures; Khosla Ventures; Lightspeed Venture Partners || style="text-align:right" | — || style="text-align:right" | $87M
|-
| Series D || July 2021 || style="text-align:right" | $185M || Icon Ventures; Lightspeed Venture Partners || Khosla Ventures; M12; Munich Re Ventures; Qumra Capital; Acrew Capital || style="text-align:right" | $1.35B || style="text-align:right" | $272M
|-
| Series D extension || October 2021 || style="text-align:right" | $20M || ION Crossover Partners || — || style="text-align:right" | $1.35B || style="text-align:right" | $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.<ref name="atbay-overview"/><ref name="atbay-seriesd"/><ref name="cm2017"/><ref name="wsj2018">{{cite web |title=Khosla, Lightspeed Bet on Cyber Insurance |url=https://www.wsj.com/articles/khosla-lightspeed-bet-on-cyber-insurance-1525863600 |publisher=The Wall Street Journal |date=May 2018 |access-date=2026-03-09}}</ref><ref name="cm2020">{{cite web |title=At-Bay Raises $34M Series B |url=https://www.carriermanagement.com/news/2020/02/20/203467.htm |publisher=Carrier Management |date=20 February 2020 |access-date=2026-03-09}}</ref><ref name="techcrunch2020">{{cite web |title=Cyber insurance startup At-Bay raises $34M Series C, adds M12 as a new investor |url=https://techcrunch.com/2020/12/08/cyber-insurance-startup-at-bay-raises-34m-series-c-adds-m12-as-a-new-investor/ |publisher=TechCrunch |date=8 December 2020 |access-date=2026-03-09}}</ref><ref name="ibm2020">{{cite web |title=At-Bay raises $34 million in Series C round |url=https://www.insurancebusinessmag.com/us/news/cyber/atbay-raises-34-million-in-series-c-round-241883.aspx |publisher=Insurance Business Magazine |access-date=2026-03-09}}</ref><ref name="atbay-seriesd-ext"/>
🧩 '''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).<ref name="atbay-seriesd"/>
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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.<ref name="atbay-overview"/> 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.<ref name="atbay-expands"/> A January 2023 carrier acquisition announcement cited more than 26,000 insureds at that time.<ref name="atbay-carrier-acq"/>
📊 '''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.<ref name="atbay-overview"/> 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.<ref name="atbay-expands"/>
🚫 '''Industry restrictions.''' At-Bay's ransomware supplemental application indicates certain restricted industries such as gambling, adult content, and cannabis.<ref name="atbay-ransomware-app">{{cite web |title=At-Bay Ransomware Supplemental Application |url=https://www.at-bay.com/wp-content/uploads/2024/02/AB-CYB-RWS-_-Ransomware-Supplemental-Application.pdf |publisher=At-Bay |access-date=2026-03-09}}</ref>
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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.<ref name="atbay-policyform">{{cite web |title=At-Bay Cyber Insurance Policy Form AB-CYB-001.2 |url=https://www.at-bay.com/wp-content/uploads/2023/06/Cyber-Insurance-Policy-Form.pdf |publisher=At-Bay |date=August 2023 |access-date=2026-03-09}}</ref> 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.<ref name="atbay-policyform"/>
🛡️ '''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.<ref name="atbay-policyform"/> 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).<ref name="atbay-policyform"/>
⚖️ '''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.<ref name="atbay-policyform"/>
⚠️ '''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.<ref name="atbay-policyform"/>
🔧 '''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.<ref name="atbay-security">{{cite web |title=At-Bay Security |url=https://www.at-bay.com/security/ |publisher=At-Bay |access-date=2026-03-09}}</ref>
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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.<ref name="atbay-security"/><ref name="atbay-secreport">{{cite web |title=At-Bay Security Report |url=https://www.at-bay.com/security-report/ |publisher=At-Bay |access-date=2026-03-09}}</ref> The Stance Exposure Management platform provides scanning and monitoring of digital assets, prioritization of exposures, and access to Cyber Advisors.<ref name="atbay-exposure">{{cite web |title=At-Bay Stance Exposure Manager |url=https://www.at-bay.com/security/exposure-manager/ |publisher=At-Bay |access-date=2026-03-09}}</ref>
📡 '''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.<ref name="atbay-website"/> Enhancements include security awareness training and integrations for Microsoft and Google email platforms within the Stance offering.<ref name="atbay-enhancements">{{cite web |title=Enhancements to At-Bay's Unified Security Platform |url=https://www.at-bay.com/press_releases/enhancements-to-innovative-unified-security-platform/ |publisher=At-Bay |access-date=2026-03-09}}</ref> Access to Stance Exposure Management is available to surplus cyber and tech E&O policyholders via an Embedded Security Fee and endorsement.<ref name="atbay-enhancements"/>
🖥️ '''MDR and MXDR.''' MDR services are provided via At-Bay Security, LLC, offered separately from insurance coverage and not limited to policyholders.<ref name="atbay-website"/> A June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 monitoring via a Security Operations Center.<ref name="atbay-expands"/> In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne.<ref name="atbay-mxdr">{{cite web |title=At-Bay Launches New MXDR Platform |url=https://www.at-bay.com/press_releases/at-bay-launches-new-mxdr-platform/ |publisher=At-Bay |date=July 2025 |access-date=2026-03-09}}</ref>
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== Distribution and partnerships ==
🤝 '''Distribution architecture.''' At-Bay distributes through wholesale brokers and digital channels.<ref name="atbay-carrier-acq"/> 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.<ref name="atbay-relay">{{cite web |title=At-Bay Acquires Relay to Accelerate the Future of Specialty Insurance |url=https://www.at-bay.com/press_releases/at-bay-acquires-relay-to-accelerate-the-future-of-specialty-insurance/ |publisher=At-Bay |date=August 2022 |access-date=2026-03-09}}</ref>
🏗️ '''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.<ref name="atbay-trisura">{{cite web |title=At-Bay Launches Trisura-Fronted Cyber Program |url=https://www.at-bay.com/press_releases/at-bay-launches-trisura-fronted-cyber-program-as-hsb-increases-capital-commitment/ |publisher=At-Bay |date=May 2022 |access-date=2026-03-09}}</ref> 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.<ref name="atbay-carrier-acq"/><ref name="atbay-issuing"/>
⭐ '''Carrier rating.''' At-Bay Specialty Insurance Company received an A- rating from AM Best in April 2023 with a stable outlook.<ref name="ambest2023">{{cite web |title=AM Best Assigns Rating to At-Bay Specialty Insurance Company |url=https://news.ambest.com/newscontent.aspx?altsrc=23&refnum=249043 |publisher=AM Best |date=19 April 2023 |access-date=2026-03-09}}</ref><ref name="atbay-issuing"/> AM Best reaffirmed the A- rating with stable outlook in August 2025.<ref name="atbay-ambest-reaffirm">{{cite web |title=AM Best Reaffirms At-Bay Carrier Rating |url=https://www.at-bay.com/press_releases/am-best-reaffirms-carrier-rating/ |publisher=At-Bay |date=August 2025 |access-date=2026-03-09}}</ref>
🏆 '''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.<ref name="atbay-security"/> 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.<ref name="atbay-issuing"/>
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{| class="wikitable sortable" width="100%" style="font-size:0.85em"
|+ 📊 At-Bay key financial indicators from company disclosures and carrier statutory-style reporting (USD)
! scope="col" style="text-align:center" | KPI
! scope="col" style="text-align:right; width:9em" | Most recent figure
! scope="col" style="text-align:right; width:7em" | Prior year
! scope="col" style="text-align:center" | Source
|-
| GWP (company-stated run-rate) || style="text-align:right" | $240M (2021) || style="text-align:right" | — || At-Bay press release (May 2022)
|-
| GWP growth rate (YoY) || style="text-align:right" | 600% (2021 vs. prior year) || style="text-align:right" | — || At-Bay press release (May 2022)
|-
| Policy count (in force) || style="text-align:right" | 26,000+ insureds (January 2023) || style="text-align:right" | — || At-Bay carrier acquisition announcement
|-
| Carrier gross premium (statutory-style) || style="text-align:right" | $154.5M (2023) || style="text-align:right" | $0 (2022) || Florida surplus lines servicing report
|-
| Carrier combined ratio || style="text-align:right" | 98% (2023) || style="text-align:right" | — || Florida surplus lines servicing report
|-
| Carrier net income || style="text-align:right" | $1.29M (2023) || style="text-align:right" | $0.69M (2022) || Florida surplus lines servicing report
|-
| Headcount || style="text-align:right" | 300+ || style="text-align:right" | — || 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.<ref name="atbay-trisura"/><ref name="atbay-carrier-acq"/> Carrier statutory-style reporting shows material written premium appearing in 2023, consistent with the transition toward issuing on At-Bay Specialty Insurance Company paper.<ref name="fslso2024"/>
💹 '''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.<ref name="fslso2024"/>
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== Risk
🔄 '''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.<ref name="atbay-trisura"/><ref name="fslso2024"/>
🌐 '''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.<ref name="atbay-policyform"/>
🏛️ '''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.<ref name="delaware-doi"/>
⚙️ '''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.<ref name="atbay-enhancements"/>
🔗 '''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.<ref name="atbay-relay"/>
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==
🎯 '''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.<ref name="atbay-carrier-acq"/><ref name="atbay-enhancements"/><ref name="atbay-relay"/>
📦 '''Product expansion.''' In October 2025, At-Bay launched InsurSec packages combining security and insurance enhancements tied to ransomware and financial fraud protection.<ref name="atbay-insursec">{{cite web |title=At-Bay Launches InsurSec Solutions for Ransomware and Financial Fraud |url=https://www.at-bay.com/press_releases/launches-industry-first-solutions-that-unlock-crucial-cyber-insurance-coverage-for-ransomware-and-financial-fraud/ |publisher=At-Bay |date=October 2025 |access-date=2026-03-09}}</ref> At-Bay has stated ambitions to expand into additional specialty lines beyond its current cyber, tech E&O, and MPL portfolio.<ref name="atbay-relay"/>
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==
* 2016 — Company founded by Rotem Iram and Roman Itskovich, among others.<ref name="atbay-overview"/>
* November 2017 — Seed financing of $6M led by Lightspeed Venture Partners.<ref name="cm2017"/>
* May 2018 — Series A financing of $13M led by Khosla Ventures and Lightspeed Venture Partners.<ref name="atbay-seriesa">{{cite web |title=Announcing our $13M Series A |url=https://medium.com/at-bay/announcing-our-13m-series-a-and-how-weve-been-redesigning-cyber-insurance-68b760bb1356 |publisher=At-Bay (Medium) |date=May 2018 |access-date=2026-03-09}}</ref>
* February 2020 — Series B financing of $34M led by Munich Re Ventures and Acrew Capital.<ref name="cm2020"/>
* December 2020 — Series C financing of $34M led by Qumra Capital, with M12 joining.<ref name="techcrunch2020"/>
* July 2021 — Series D financing of $185M at $1.35B valuation.<ref name="atbay-seriesd"/>
* October 2021 — $20M Series D extension with ION Crossover Partners.<ref name="atbay-seriesd-ext"/>
* 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.<ref name="atbay-trisura"/>
* August 2022 — MPL product launched and Relay acquired.<ref name="atbay-mpl">{{cite web |title=At-Bay Expands Offering with MPL |url=https://www.at-bay.com/press_releases/at-bay-expands-offering-with-mpl/ |publisher=At-Bay |date=August 2022 |access-date=2026-03-09}}</ref><ref name="atbay-relay"/>
* December 2022 — Delaware regulator notice of public hearing on acquisition of control of XL Select Insurance Company by At-Bay, Inc.<ref name="delaware-doi"/>
* January 24, 2023 — At-Bay completes acquisition of E&S carrier from XL Insurance America.<ref name="atbay-carrier-acq"/>
* April 19, 2023 — AM Best assigns A- rating (stable outlook) to At-Bay Specialty Insurance Company.<ref name="ambest2023"/>
* August 2023 — At-Bay begins issuing cyber and tech E&O policies on its own E&S paper.<ref name="atbay-issuing"/>
* June 2024 — E&S coverage expanded to businesses up to $5B revenue and aggregate limits up to $10M; MDR described as powered by CrowdStrike.<ref name="atbay-expands"/>
* August 2025 — AM Best reaffirms A- rating with stable outlook.<ref name="atbay-ambest-reaffirm"/>
* October 2025 — InsurSec packages launched combining security and insurance enhancements for ransomware and financial fraud protection.<ref name="atbay-insursec"/>
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* [[Cyber insurtech MGAs and underwriting agencies]]
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