Cyber insurtech MGAs and underwriting agencies: Difference between revisions
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| style="text-align:left;" | SME to Mid-Market
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{| class="wikitable sortable" style="font-size:0.85em; width:100%;"
|+ 🛡️ Cyber Insurtech MGA — M&A Opportunity Comparison Table
|-
! scope="col" style="text-align:center;" | Logo
! scope="col" style="text-align:center;" | Company
! scope="col" style="text-align:center;" | Founded
! scope="col" style="text-align:center;" | HQ location
! scope="col" style="text-align:center;" | Main region
! scope="col" style="text-align:center;" | Est. GWP
! scope="col" style="text-align:center;" | Total Funding
! scope="col" style="text-align:center;" | Last Known Valuation
! scope="col" style="text-align:center;" | Key Shareholders / Investors
! scope="col" style="text-align:center;" | Acquired?
! scope="col" style="text-align:center;" | Link with AXA
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of At-Bay.svg|80px|link=At-Bay]]
| style="text-align:left;" | [[At-Bay]]
| style="text-align:center;" | 2016
| style="text-align:left;" | {{flagicon|USA}}, CA, San Francisco
| style="text-align:left;" | North America
| style="text-align:left;" | $380M ARR (Jan 2023)
| style="text-align:left;" | $292M
| style="text-align:left;" | $1.35B (2021)
| style="text-align:left;" | Lightspeed, Khosla, Munich Re Ventures, M12, Qumra Capital
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Baobab Insurance.svg|80px|link=Baobab Insurance]]
| style="text-align:left;" | [[Baobab Insurance]]
| style="text-align:center;" | 2021
| style="text-align:left;" | {{flagicon|Germany}}, Berlin
| style="text-align:left;" | Europe
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | €20.1M
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Project A, Augmentum Fintech, Viola FinTech, eCAPITAL
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of BOXX Insurance.svg|80px|link=BOXX Insurance]]
| style="text-align:left;" | [[BOXX Insurance]]
| style="text-align:center;" | 2018
| style="text-align:left;" | {{flagicon|Canada}}, Toronto
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | $24.5M
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Zurich Insurance Group (full owner), Cyber Mentor Fund, SixThirty
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Zurich (July 2025)
| style="text-align:left;" | AXA collaboration in Spain (Jan 2024, SME cyber risk prevention)
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Coalition.svg|80px|link=Coalition]]
| style="text-align:left;" | [[Coalition]]
| style="text-align:center;" | 2017
| style="text-align:left;" | {{flagicon|USA}}, CA, San Francisco
| style="text-align:left;" | North America
| style="text-align:left;" | $775M+ run rate (July 2022)
| style="text-align:left;" | $770M
| style="text-align:left;" | $5B (2022)
| style="text-align:left;" | Allianz X, Index Ventures, Ribbit Capital, T. Rowe Price
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Cogitanda.svg|80px|link=Cogitanda]]
| style="text-align:left;" | [[Cogitanda]]
| style="text-align:center;" | 2016
| style="text-align:left;" | {{flagicon|Germany}}, Altenahr
| style="text-align:left;" | Europe
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | DGC AG (post-insolvency acquirer)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by DGC AG from insolvency (Mar 2025)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Converge Insurance.svg|80px|link=Converge Insurance]]
| style="text-align:left;" | [[Converge Insurance]]
| style="text-align:center;" | 2021
| style="text-align:left;" | {{flagicon|USA}}, NY, New York
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | $20M
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Forgepoint Capital, QBE Ventures
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Founder Anthony Dagostino departed to AXA XL (Sep 2023)
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Corvus Insurance.svg|80px|link=Corvus Insurance]]
| style="text-align:left;" | [[Corvus Insurance]]
| style="text-align:center;" | 2017
| style="text-align:left;" | {{flagicon|USA}}, MA, Boston
| style="text-align:left;" | North America
| style="text-align:left;" | $200M+ book
| style="text-align:left;" | $162M
| style="text-align:left;" | ~$750M (Series C)
| style="text-align:left;" | Travelers (full owner), Bain Capital Ventures, Insight Partners
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Travelers (~$435M, Jan 2024)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Cowbell.svg|80px|link=Cowbell]]
| style="text-align:left;" | [[Cowbell]]
| style="text-align:center;" | 2019
| style="text-align:left;" | {{flagicon|USA}}, CA, Pleasanton
| style="text-align:left;" | North America
| style="text-align:left;" | $200M+ run rate (2021)
| style="text-align:left;" | $208.3M+
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Zurich Insurance Group, Anthemis, Prosperity7, Permira
| style="background:#fff3cd; text-align:left;" | No — Independent (Zurich strategic investor)
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Dattak.svg|80px|link=Dattak]]
| style="text-align:left;" | [[Dattak]]
| style="text-align:center;" | 2021
| style="text-align:left;" | {{flagicon|France}}, Paris
| style="text-align:left;" | Europe
| style="text-align:left;" | €10M (2024); €22M target (2025)
| style="text-align:left;" | €18M
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | XAnge, Breega, Bpifrance
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | CEO Charlotte Couallier is former AXA France partnerships director
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Elpha Secure.svg|80px|link=Elpha Secure]]
| style="text-align:left;" | [[Elpha Secure]]
| style="text-align:center;" | 2018
| style="text-align:left;" | {{flagicon|USA}}, NY, New York
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | >$29M
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Canapi Ventures, AXIS Capital, State Farm Ventures, Hartford STAG
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Emergence Insurance.svg|80px|link=Emergence Insurance]]
| style="text-align:left;" | [[Emergence Insurance]]
| style="text-align:center;" | 2015
| style="text-align:left;" | {{flagicon|Australia}}, Sydney
| style="text-align:left;" | Asia-Pacific
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Steadfast Group (33.33%), Hollard Insurance
| style="background:#fff3cd; text-align:left;" | No — Independent (Steadfast associate)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Evolve MGA.svg|80px|link=Evolve MGA]]
| style="text-align:left;" | [[Evolve MGA]]
| style="text-align:center;" | 2015
| style="text-align:left;" | {{flagicon|USA}}, CA, San Diego
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | None (acquired)
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Brown & Brown / Nexus Underwriting (full owner)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Nexus / Brown & Brown (2023)
| style="text-align:left;" | Historical capacity panel included XL Catlin / AXA XL
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Eye Security.svg|80px|link=Eye Security]]
| style="text-align:left;" | [[Eye Security]]
| style="text-align:center;" | 2020
| style="text-align:left;" | {{flagicon|Netherlands}}, The Hague
| style="text-align:left;" | Europe
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | €57.5M
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | J.P. Morgan Growth Equity, Bessemer Venture Partners, TIN Capital
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Invision Cyber.svg|80px|link=Invision Cyber]]
| style="text-align:left;" | [[Invision Cyber]]
| style="text-align:center;" | 2025
| style="text-align:left;" | {{flagicon|UK}}, London / {{flagicon|USA}}
| style="text-align:left;" | Europe / North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Correlation Holdings (minority), Vector Investment Capital
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | Co-founder Stuart Essex formerly Head of UK PI at AXA XL
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Measured Analytics and Insurance.svg|80px|link=Measured Analytics and Insurance]]
| style="text-align:left;" | [[Measured Analytics and Insurance]]
| style="text-align:center;" | 2020
| style="text-align:left;" | {{flagicon|USA}}
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Undisclosed (2 rounds)
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Signal Peak Ventures, Origin Ventures, Silicon Valley Data Capital
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Onda.svg|80px|link=Onda]]
| style="text-align:left;" | [[Onda]]
| style="text-align:center;" | 2022
| style="text-align:left;" | {{flagicon|UK}}, London / {{flagicon|France}}, Paris
| style="text-align:left;" | Europe
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Pera.svg|80px|link=Pera]]
| style="text-align:left;" | [[Pera]]
| style="text-align:center;" | 2023
| style="text-align:left;" | {{flagicon|USA}}
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | $3.25M (group seed)
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Ryan Specialty (full owner), Maiden Holdings (prior seed)
| style="background:#f8d7da; text-align:left;" | Yes — Acquired by Ryan Specialty (May 2025)
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Resilience.svg|80px|link=Resilience]]
| style="text-align:left;" | [[Resilience]]
| style="text-align:center;" | 2016
| style="text-align:left;" | {{flagicon|USA}}, CA, San Francisco
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | >$225M
| style="text-align:left;" | ~$650M (2021)
| style="text-align:left;" | Intact Ventures, General Catalyst, Lightspeed, Founders Fund, CRV
| style="background:#fff3cd; text-align:left;" | No — Independent (Intact strategic partner)
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of SafeInside Insurance.svg|80px|link=SafeInside Insurance]]
| style="text-align:left;" | [[SafeInside Insurance]]
| style="text-align:center;" | 2022
| style="text-align:left;" | {{flagicon|USA}}, CA, Palo Alto
| style="text-align:left;" | North America
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | >$170M (group)
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Avataar Ventures, BT Group, Sorenson Capital, Prosperity7
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#f2f2f2;"
| style="text-align:center;" | [[File:Logo of Stoïk.svg|80px|link=Stoïk]]
| style="text-align:left;" | [[Stoïk]]
| style="text-align:center;" | 2021
| style="text-align:left;" | {{flagicon|France}}, Paris
| style="text-align:left;" | Europe
| style="text-align:left;" | ~€50M (2025)
| style="text-align:left;" | ~€69.8M
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Alven, a16z, Munich Re Ventures, Tokio Marine HCC, Impala, Opera Tech
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|- style="background:#ffffff;"
| style="text-align:center;" | [[File:Logo of Sync Underwriting.svg|80px|link=Sync Underwriting]]
| style="text-align:left;" | [[Sync Underwriting]]
| style="text-align:center;" | 2020
| style="text-align:left;" | {{flagicon|Australia}}, Sydney
| style="text-align:left;" | Asia-Pacific
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Not disclosed
| style="text-align:left;" | Rhodian Group (equity), Amwins (minority in Rhodian)
| style="background:#d4edda; text-align:left;" | No — Independent
| style="text-align:left;" | None identified
|}
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