At-Bay: Difference between revisions

🏢 '''Parent structureand subsidiaries.''' At-Bay, Inc. is the parent holding company of the At-Bay group, identified as suchreferenced in statutory surplus- lines reporting and subsidiarycompany disclosures describing its subsidiaries.<ref name="fslsofslso2024">{{cite web |title=At-Bay Specialty Insurance Company — Insurer Financial Report, 2Q 2024 |url=https://www.fslso.com/docs/default-source/uploadedfiles/reports/insurer-financial-reports/2q24-insurer-financial-reports/at-bay-specialty-insurance-company_19607_2q2024.pdf?sfvrsn=3d3466e8_3 |publisher=Florida Surplus Lines Service Office |access-date=9 March 2026-03-09}}</ref> The U.S. insurance distribution arm is 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.<ref name="atbay-website">{{cite web |title=At-Bay |url=https://www.at-bay.com/ |publisher=At-Bay |access-date=9 March 2026-03-09}}</ref><ref name="atbay-licenses">{{cite web |title=At-Bay Licenses |url=https://www.at-bay.com/licenses/ |publisher=At-Bay |access-date=9 March 2026-03-09}}</ref> The group's risk-bearing entity is At-Bay SpecialtySecurity, InsuranceLLC Company,is a Delaware-domiciled excess-and-surplus (E&S) property-and-casualty carrier assigned NAIC # 19607 and FEIN 75-1221488.<ref name="fslso"/> A separate wholly owned subsidiary, At-Bay Security, LLC, providesproviding cybersecurity services including managed detection and response (MDR) and incident response, and explicitly does not provide insurance services.<ref name="atbay-overview">{{cite web |title=At-Bay Company Overview |url=https://www.at-bay.com/wp-content/uploads/2023/10/CompanyOverview2025Sept.pdf |publisher=At-Bay |date=September 2025 |access-date=2026-03-09}}</ref><ref name="atbay-expands">{{cite web |title=At-Bay Expands Cyber and Tech E&O Coverage |url=https://www.at-bay.com/press_releases/expands-cyber-tech-coverage/ |publisher=At-Bay |date=June 2024 |access-date=2026-03-09}}</ref>

📜🏛️ '''Carrier acquisition and nameRisk-bearing historycarrier.''' At-Bay acquiredSpecialty theInsurance 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.; theand entityis waslicensed formerlyin known44 as XL Select Insurance Companystates.<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 January, 2023.<ref name="fslsofslso2024"/> The Delaware Department of Insurance published a notice of a public hearing onregarding the acquisition of control of XL Select Insurance Company by At-Bay, Inc. in late 2022.<ref name="delhearingdelaware-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 licensingoffices.''' Multiple official documents listidentify Delaware as the carrier'sdomicile statefor ofthe domicileE&S carrier and Wilmington as itsthe principal operating location.<ref name="fslsofslso2024"/> The carriercompany is repeatedly described asmaintains a Delaware-domiciledglobally E&Sdistributed insurer,workforce with surplus-lineshubs servicingin dataAtlanta, providingChicago, additionalNew line-of-businessYork andCity, premiumSan context.<ref name="issuing"/> At-Bay's underwriting capacity operates through U.S. E&S paperFrancisco, and fronting/reinsuranceTel structures rather than Lloyd's delegated authority; no Lloyd's coverholder number appears in reviewed disclosuresAviv.<ref name="carrieratbay-overview"/>

👤 '''CEO and coCo-founderfounders.''' Rotem Iram (co-founded At-Bayfounder and servesCEO) aspreviously chief executive officer. His background includes serviceserved as Managing Director and COO at K2 Intelligence, a tenureworked at McKinsey & Company, and served as a captaincycaptain in Israel's Unit 8200. He holds an MBA from Harvard Business School.<ref name="atbay-overview"/><ref name="seriesdcm2017">{{cite web |title=At-Bay SeriesRaises D$6 Million Seed Round |url=https://www.at-baycarriermanagement.com/press_releasesnews/series-d2017/11/16/173153.htm |publisher=At-BayCarrier Management |date=July16 2021November 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="cmseedatbay-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 Seedreaches Fundingunicorn status in $185m raise |url=https://wwwen.carriermanagementglobes.comco.il/newsen/2017/11/16/173153.htmarticle-insurtech-co-at-bay-reaches-unicorn-status-in-185m-raise-1001379675 |publisher=Carrier ManagementGlobes |date=16July November2021 2017|access-date=2026-03-09}}</ref> He holds an MBA from Harvard Business School.<ref name="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 uponfollowing its acquisition.<ref name="atbay-carrier-acq"/><ref name="atbay-overview"/> David Lockton's involvementhas isbeen referenced acrossin multipleboard At-Baymember releases,or reinforcingobserver distributionroles networkacross connectivity atAt-Bay the board levelreleases.<ref name="atbay-issuing"/>

🏬🎯 '''SegmentTarget boundariessegments.''' At-Bay expandedserves itsclose E&Sto Cyber40,000 andbusinesses Techin E&Othe coverageUnited to businessesStates with revenue up to $5B in revenue, withframing aggregateits limitsprimary upconstituency toas $10MSMB.<ref name="expandsatbay-overview"/> TheIn June 2024, the company servesexpanded closeits E&S cyber and tech E&O offering to 40,000cover businesses inwith theup U.S.to and$5B framesin itsrevenue primaryand constituencyaggregate aslimits small-and-mediumup businessesto (SMBs)$10M.<ref name="overviewatbay-expands"/> A January 2023 carrier acquisition announcement cited more than 26,000 insureds at that time.<ref name="atbay-carrier-acq"/>

📊 '''Customer mix.''' The disclosed book is SMB-heavy by policyholder count, abut pointincreasingly repeatedlyextends emphasizedinto mid-market and enterprise segments by eligibility and limit architecture. SMB emphasis is reflected in At-Bay's positioning of its integrated InsurSec positioningoffering and in references to large policyholder volumescounts.<ref name="atbay-overview"/> Mid-market and larger-risk capability is supported by the increasedhigher revenue ceiling ($5B) and aggregate limit (up to $10M)limits, as well as At-Bay's statementcapacity that it writesto bothwrite primary and excess Cybercyber and Techtech E&O.<ref name="atbay-expands"/>

🚫 '''Industry restrictions.''' At-Bay's doesransomware notsupplemental publishapplication a single consolidated underwriting exclusions list. The cyber policy form includes an exclusion related to contests or games of chance forindicates certain media coverages.<ref name="policyform">{{cite web |title=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}}</ref> Application materials reference restricted industries such as gambling, adult content, and cannabis.<ref name="ransomappatbay-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=February 20242026-03-09}}</ref>

📋📜 '''Policy form and triggerstructure.''' At-Bay's published Cyber Insurance Policy Form AB-CYB-001AB‑CYB‑001.2 (08/2023) is underwritten by At-Bay Specialty Insurance Company. andThe form uses a modular structure where Insuring Agreements are marked as included in the policy declarations.<ref name="policyform"/> The form is an At-Bay proprietary wording (AB-CYB series) comprisingwith multiple Insuring Agreements forcomprising third-party liability and first-party event costs, subject to an aggregate limit and sub-limits shown in declarations.<ref name="atbay-policyform"/>{{cite Thirdweb |title=At-partyBay coveragesCyber followInsurance aPolicy claimsForm AB-madeCYB-001.2 trigger|url=https://www.at-bay.com/wp-content/uploads/2023/06/Cyber-Insurance-Policy-Form.pdf (claim|publisher=At-Bay first|date=August made2023 during|access-date=2026-03-09}}</ref> theThird-party policycoverages periodoperate oron extendeda reportingclaims-made period), whilebasis; first-party coverages are triggeredtied byto events first discovered or disruptions first occurring during the policy period.<ref name="atbay-policyform"/>

🛡️ '''First-party coverages.''' The policy includesform provides incident response and recovery costs spanningcomprising technicalTechnical responseResponse Loss, legalLegal Services servicesLoss, publicPublic relationsRelations Loss, notificationNotification Loss, rewardReward expenseExpense Loss, creditCredit monitoringMonitoring Loss, dataData recoveryRecovery Loss, and systemSystem restorationRestoration lossesLoss across bothinformation information-privacy and network- security events.<ref name="atbay-policyform"/> Business interruption coverage encompassesincludes both direct and contingent business interruption loss,with extraBusiness expense,Interruption plus reward expenseLoss and publicExtra relations lossExpense.<ref name="policyform"/> Cyber extortion coverage appliesaddresses Extortion Loss tied to extortionan threatsExtortion Threat first discovered during the policy period, while. financialFinancial fraud coverage addressesencompasses socialSocial engineeringEngineering (fraudulentFraudulent inducementInducement lossLoss) and computerComputer crimesFraud loss(Computer Crimes Loss).<ref name="atbay-policyform"/>

⚖️ '''Third-party coverages.''' TheInsuring formAgreements providesinclude Information Privacy Liability (claim expenses and damages), Regulatory Liability (explicitly including GDPR penaltiesPenalties, regulatoryRegulatory penaltiesPenalties, and regulatoryRegulatory assessmentsAssessments and expensesExpenses), PCI-DSS Liability (including PCI-DSS penalties and response expenses), Network Security Liability, and Media Liability with a separate media event response component.<ref name="atbay-policyform"/>

🔒⚠️ '''NotableKey exclusions.''' The policy includes a warWar exclusion coveringapplying lossto Loss, damagesDamages, or claimClaim expensesExpenses arising fromout of war, invasion, acts of foreign enemies, and related perilshostilities, with no visible carve-back language visible in the exclusion section.<ref name="policyform"/> An infrastructureInfrastructure exclusion applies tocovers electrical, mechanical, and utilitymechanical failures (electricity, gas, water, internet,and DNS)outages fromby service providers, with carve-backs for systems under the insured's direct operational control and for certain privacy/network wrongful-act scenarios.<ref name="policyform"/> A prior-actsPrior Acts exclusion applies to third-party coverage tied to a retroactive date and subsidiary status.<ref name="atbay-policyform"/>

🔧 '''Claims and breach responsehandling.''' The policy insures categories corresponding to breach response services (forensics, legal, notification, credit monitoring, PR). Operationally, At-Bay's describes an in-house "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=9 March 2026-03-09}}</ref>

🖥️📡 '''Continuous monitoring and in-force services.''' SecurityAt-Bay's offeringssecurity forplatform policyholders includeincludes vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisors, and security awareness training.<ref name="atbay-website"/> Enhancements to the Stance platform 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 InnovativeAt-Bay's Unified Security Platform |url=https://www.at-bay.com/press_releases/enhancements-to-innovative-unified-security-platform/ |publisher=At-Bay |access-date=9 March 2026-03-09}}</ref> Access to Stance Exposure Management is available to surplus cyber and tech E&O policyholders via an embeddedEmbedded securitySecurity feeFee and endorsement.<ref name="atbay-enhancements"/>

🛰️🖥️ '''MDR and MXDR.''' MDR services are provided throughvia At-Bay Security, LLC, offered as a separate purchase not requiredseparately forfrom insurance coverage and not limited to policyholders.<ref name="atbay-website"/> TheA June 2024 announcement described enterprise-grade MDR disclosed in June 2024 is powered by CrowdStrike and includeswith 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>

| Carrier gross premium (statutory-style) || style="text-align:right" | $154.5M (2023) || style="text-align:right" | $0 (2022) || Florida surplus lines servicing report

⚙️ '''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 thean affiliate. Operational failure, adverse customer outcomes, or vendor dependency — notably MDR beingtechnology powered by third-party technologyparties — could affect underwriting outcomes and reputationreputational standing.<ref name="atbay-enhancements"/> The acquisition of Relay, while framed as operationally independent, introduces integration and commercial alignment risks.<ref name="relay"/>

🎯 '''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 a broker platform, and API strategy, andreinforced by acquisition of Relay as a multi-carrier marketplace.<ref name="atbay-carrier-acq"/><ref name="atbay-enhancements"/><ref name="atbay-relay"/>

🛒📦 '''M&AProduct postureexpansion.''' At-BayIn hasOctober completed2025, at least one acquisition (Relay) and expanded into additional specialty lines with the August 2022 launch of a miscellaneous professional liability (MPL) product.<ref name="relay"/><ref name="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}}</ref> In October 2025 the company launched InsurSec packages combining security and insurance enhancements tied to ransomware and financial fraud protection.<ref name="ransomfraudatbay-insursec">{{cite web |title=At-Bay Launches Industry-FirstInsurSec 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"/>

|* CompanyOctober founded2021 by— Rotem$20M IramSeries andD Romanextension Itskovichwith (amongION others)Crossover Partners.<ref name="overviewatbay-seriesd-ext"/>