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== Corporate profile and regulatory footprint ==
{{Infobox company
| name = At-Bay
| legal_name = At-Bay, Inc.
| logo = at-bay-logo.jpg
| logo_size =
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| type = Private
| exchange =
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| founded = 2016
| headquarter = San Francisco, United States
| domicile = Delaware, United States
| regulator =
| ultimate_parent =
| shareholders =
| key_people = Rotem Iram (CEO), Ari Fischel (CFO), Roman Itskovich (CRO)
| num_employees = 340+
| segments = Insurance (MGA/Carrier), Cybersecurity Services
| products = Cyber Insurance, Technology E&O, Miscellaneous Professional Liability, Managed Detection & Response (MDR), At-Bay Stance security platform
| distribution = Wholesale brokers, online Broker Platform, API channels, embedded insurance partnerships
| competitors = Coalition, Corvus (Travelers), Cowbell, Resilience
| market_share_rank = Ranked #4 among U.S. standalone cyber insurers by direct premium (2024)
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| net_debt = $0 (no known debt)
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| ratings = AM Best: A- (Excellent) (Stable)
| footnotes = At-Bay is a private company and does not publicly disclose audited financial statements. Gross Written Premium managed was $380M+ as of FY2022. Last known valuation was $1.35 billion (July 2021).
}}
🏢 '''Parent structure.''' At-Bay, Inc. is the parent holding company of the At-Bay group, identified as such in statutory surplus-lines reporting and subsidiary disclosures.<ref name="fslso">{{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}}</ref> The U.S. insurance distribution arm is At-Bay Insurance Services LLC, a property-and-casualty insurance agency and surplus lines broker licensed in all 50 states and the District of Columbia.<ref name="atbay">{{cite web |title=At-Bay |url=https://www.at-bay.com/ |publisher=At-Bay |access-date=9 March 2026}}</ref><ref name="licenses">{{cite web |title=Licenses |url=https://www.at-bay.com/licenses/ |publisher=At-Bay |access-date=9 March 2026}}</ref> The group's risk-bearing entity is At-Bay Specialty Insurance Company, 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, provides cybersecurity services including managed detection and response (MDR) and incident response, and explicitly does not provide insurance services.<ref name="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}}</ref><ref name="expands">{{cite web |title=At-Bay Expands Cyber and Tech Coverage |url=https://www.at-bay.com/press_releases/expands-cyber-tech-coverage/ |publisher=At-Bay |date=June 2024}}</ref>
🎯 This summary profiles At-Bay, Inc., a venture-backed cyber insurtech MGA transitioning to a full-stack carrier, covering its corporate structure, business model, financial trajectory, risk posture, governance, and capital history.
{{Summary:At-Bay|5|bullet=yes}}
📜 '''Carrier acquisition and name history.''' At-Bay acquired the carrier from XL Insurance America, Inc.; the entity was formerly known as XL Select Insurance Company.<ref name="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}}</ref><ref name="carrier">{{cite web |title=At-Bay Specialty Insurance Company |url=https://www.at-bay.com/press_releases/at-bay-specialty-insurance-company/ |publisher=At-Bay |date=January 2023}}</ref> Puerto Rico's insurance regulator issued a circular letter regarding the name change, effective 24 January 2023.<ref name="fslso"/> The Delaware Department of Insurance published a notice of a public hearing on the acquisition of control of XL Select Insurance Company by At-Bay, Inc. in late 2022.<ref name="delhearing">{{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}}</ref>
More details are in the following sections.
🏛️ '''Domicile and licensing.''' Multiple official documents list Delaware as the carrier's state of domicile and Wilmington as its principal operating location.<ref name="fslso"/> The carrier is repeatedly described as a Delaware-domiciled E&S insurer, with surplus-lines servicing data providing additional line-of-business and premium context.<ref name="issuing"/> At-Bay's underwriting capacity operates through U.S. E&S paper and fronting/reinsurance structures rather than Lloyd's delegated authority; no Lloyd's coverholder number appears in reviewed disclosures.<ref name="carrier"/>
{| class="wikitable sortable" style="width:100%; font-size:0.85em"
|+ 🏗️ At-Bay, Inc. — legal entity mapping and regulatory footprint
! scope="col" style="text-align:center" | Entity
! scope="col" style="text-align:center" | Role
! scope="col" style="text-align:center" | Key identifiers
|-
| At-Bay, Inc.
| Parent / holding company
| Referenced in surplus-lines reporting and subsidiary disclosures
|-
| At-Bay Insurance Services LLC
| U.S. insurance distribution (P&C agency and surplus lines broker)
| Licensed in all 50 states and D.C.
|-
| At-Bay Specialty Insurance Company
| U.S. risk-bearing E&S carrier (Delaware-domiciled)
| NAIC # 19607; FEIN 75-1221488; F/K/A XL Select Insurance Company
|-
| At-Bay Security, LLC
| Cybersecurity services affiliate (MDR, incident response)
| Wholly owned subsidiary; does not provide insurance services
|}
{{Section separator}}
== Company profile ==
== Leadership and governance ==
🏢 '''Legal entity.''' At-Bay, Inc. is a Delaware C-Corporation operating through two principal subsidiaries: At-Bay Insurance Services LLC (an MGA/insurance agency) and At-Bay Specialty Insurance Company (a wholly-owned carrier).<ref name="about">{{cite web |title=About Us |url=https://www.at-bay.com/about/ |publisher=At-Bay}}</ref> The company is a venture-backed insurtech focused on cyber insurance and security services, headquartered in San Francisco, California, with additional offices in New York, Atlanta, Chicago, Mountain View, Los Angeles (remote team), and an R&D center in Tel Aviv, Israel.<ref name="about"/>
🧑💼👤 '''FoundingCEO and leadershipco-founder.''' Rotem Iram co-founded At-Bay wasand establishedserves inas 2016chief byexecutive Rotemofficer. IramHis (CEO)background andincludes Romanservice Itskovichas (ChiefManaging RiskDirector Officer)and COO at K2 Intelligence, witha thetenure firstat insuranceMcKinsey products& launchedCompany, and a captaincy in 2019Israel's Unit 8200.<ref name="aboutoverview"/><ref name="seriesd_prseriesd">{{cite web |title=Cyber Insurance Startup At-Bay Closes $185 Million Series D, Valuing Company at $1.35 Billion |url=httphttps://www.at-bay.com/press_releases/series-d/ |publisher=At-Bay |date=July 2021-07-27}}</ref> Other key executives include Ken Riegler (President, Insurance), Ari Fischel (CFO, joined 2023),<ref name="ij_ratingcmseed">{{cite web |title=AM Best Gives A- Rating to At-Bay Specialty;Seed Fischel Hired as At-Bay CFOFunding |url=https://www.insurancejournalcarriermanagement.com/news/national/20232017/0411/1916/717263173153.htm |publisher=InsuranceCarrier JournalManagement |date=2023-04-1916 November 2017}}</ref> AyeletHe Kutnerholds (CTO),an TaraMBA Boddenfrom (General Counsel & Head of Claims), Thom Dekens (ChiefHarvard Business Officer & GM of Security), and Michael Drummond (Chief Underwriting Officer for Cyber/E&O)School.<ref name="aboutoverview"/>
🔬 '''CRO and co-founder.''' Roman Itskovich co-founded At-Bay and serves as chief risk officer. He previously held the role of VP of Financial Products at Ebury, served 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="overview"/> Additional co-founders Etai Hochman and Tilli Kalisky-Bannett are identified in business press, though they are no longer in active leadership roles.<ref name="globes">{{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}}</ref>
🏗️ '''Group structure.''' At-Bay, Inc. is the parent entity. At-Bay Insurance Services LLC is a licensed property/casualty agency and surplus lines broker in all 50 U.S. states and D.C.<ref name="homepage">{{cite web |title=At-Bay: Cyber Insurance & MDR Security Platform |url=https://www.at-bay.com/ |publisher=At-Bay}}</ref> In January 2023, At-Bay acquired a shell insurance carrier from XL Insurance (AXA XL) and renamed it At-Bay Specialty Insurance Company, an E&S lines insurer now rated A- by AM Best.<ref name="carrier_intro">{{cite web |title=Introducing At-Bay Specialty Insurance Company |url=https://www.at-bay.com/articles/introducing-at-bay-specialty-insurance-company/ |publisher=At-Bay |date=2023-01-24}}</ref><ref name="ambest_initial">{{cite web |title=AM Best Assigns Credit Ratings to At-Bay Specialty Insurance Company |url=https://news.ambest.com/newscontent.aspx?refnum=249043&altsrc=23 |publisher=AM Best |date=2023-04-19}}</ref> At-Bay Security LLC provides cybersecurity services (MDR, incident response), and the firm formed a captive reinsurance vehicle in 2022 to retain a portion of underwriting risk.<ref name="trisura_launch">{{cite web |title=At-Bay Launches Trisura-Fronted Cyber Program as HSB Increases Capital Commitment |url=https://www.at-bay.com/press_releases/at-bay-launches-trisura-fronted-cyber-program-as-hsb-increases-capital-commitment/ |publisher=At-Bay |date=2022-01-12}}</ref>
👥 '''Senior leadership team.''' The executive team spans insurance and security operations. Ken Riegler serves as President of the insurance business, having previously been AIG's President of North America General Insurance.<ref name="overview"/><ref name="cmsb">{{cite web |title=At-Bay Series B |url=https://www.carriermanagement.com/news/2020/02/20/203467.htm |publisher=Carrier Management |date=20 February 2020}}</ref> CFO Ari Fischel previously held CFO duties at Capital Rx and finance leadership roles at Oscar Health, Nielsen, and General Electric.<ref name="overview"/><ref name="ambest">{{cite web |title=AM Best Assigns A- 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}}</ref> CTO Ayelet Kutner was formerly VP of Engineering at Forescout Technologies and headed platforms and SMB/ICS products at Check Point Software Technologies.<ref name="overview"/> Chief Business Officer and GM of the security affiliate Thom Dekens previously worked at Boston Consulting Group and in corporate development at Forescout.<ref name="overview"/> General Counsel and Head of Claims Tara Bodden was previously SVP of Cyber/Technology/Media/Entertainment at Hiscox USA, and Chief HR Officer Joe Schiro formerly held a Head of People role at Tally.<ref name="overview"/>
💰 '''Ownership and investors.''' At-Bay remains privately held with total venture funding of $295.7 million across eight rounds.<ref name="about"/> Key institutional investors include Lightspeed Venture Partners, Icon Ventures, Khosla Ventures, M12 (Microsoft's fund), Munich Re Ventures (via HSB Fund), Acrew Capital, Glilot Capital, Qumra Capital, ION Crossover Partners, and cybersecurity entrepreneur Shlomo Kramer.<ref name="seriesd_ext">{{cite web |title=At-Bay Closes $20M Extension to Series D; Adds Investor ION Crossover Partners |url=https://www.at-bay.com/press_releases/at-bay-closes-20m-extension-to-series-d/ |publisher=At-Bay |date=October 2021}}</ref><ref name="seriesd_pr"/> The Series D round ($185M in July 2021) valued At-Bay at $1.35 billion, establishing unicorn status.<ref name="reuters_seriesd">{{cite web |title=Cyber insurance startup At-Bay raises $185 mln at $1.35 bln valuation |url=https://www.reuters.com/technology/cyber-insurance-startup-at-bay-raises-185-mln-135-bln-valuation-2021-07-27/ |publisher=Reuters |date=2021-07-27}}</ref> Icon Ventures' Preeti Rathi and Lightspeed's Yoni Cheifetz joined the board during these financings, and independent directors Gregg Davis and Rob Glanville were added upon launching the carrier.<ref name="seriesd_pr"/><ref name="carrier_intro"/> No single investor has disclosed a controlling stake; the company remains founder-led.
🪑 '''Board and governance.''' Preeti Rathi of Icon Ventures joined the board in conjunction with the Series D financing.<ref name="seriesd"/> Gregg Davis and Rob Glanville joined the carrier as independent directors upon its acquisition.<ref name="carrier"/><ref name="overview"/> David Lockton's involvement is referenced across multiple At-Bay releases, reinforcing distribution network connectivity at the board level.<ref name="issuing"/>
📊 '''Scale.''' As of 2025, At-Bay protects over 40,000 policyholders across more than 100 industries, with policies ranging from small businesses to mid-market firms (up to approximately $5 billion in revenue).<ref name="homepage"/><ref name="about"/><ref name="overview_pdf">{{cite web |title=Company Overview |url=https://www.at-bay.com/wp-content/uploads/2023/10/CompanyOverview2025Sept.pdf |publisher=At-Bay}}</ref> The company monitors 1.5 million IT assets for cyber threats on an ongoing basis and has grown to over 340 employees globally.<ref name="about"/> At-Bay's broker portal earned a 93 NPS (Net Promoter Score) from brokers — an exceptionally high satisfaction metric in the insurance industry.<ref name="about"/>
{{Section separator}}
== Business model ==
=== NatureFunding ofand operationsownership signals ===
💰 '''Capital raised.''' At-Bay raised a total of $292M in equity capital across four rounds plus an extension, culminating in a last disclosed post-money valuation of $1.35B from the July 2021 Series D.<ref name="overview"/><ref name="seriesd"/> Investor composition spans generalist venture capital, a strategic reinsurer venture arm (Munich Re Ventures), and a strategic corporate venture fund (M12, Microsoft's venture arm).<ref name="seriesd"/>
🔄 '''Hybrid InsurSec model.''' At-Bay operates as a hybrid insurance provider and cybersecurity services firm under its proprietary "InsurSec" model. Revenue derives from managing insurance programs as an MGA — earning commission income and profit-sharing on premiums while partnering with carrier balance sheets for risk capacity — and from offering value-added cyber risk services.<ref name="seriesd_ext"/> Through its At-Bay Stance platform and MDR services, the company provides continuous network scanning, threat alerts, and incident response to clients, with some services available as standalone purchases by non-insurance clients.<ref name="homepage"/> The philosophy is that better cybersecurity reduces losses, creating a virtuous cycle for the insurance business.<ref name="seriesd_ext"/>
{| class="wikitable sortable" style="width:100%; font-size:0.85em"
=== Insurance offerings ===
|+ 💵 At-Bay, Inc. — equity funding rounds (USD), 2017–2021<ref name="seriesd"/><ref name="cmseed"/><ref name="overview"/>
! 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
|-
| 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
|}
{{Section separator}}
🛡️ '''Cyber liability.''' At-Bay's underwriting focus is cyber liability insurance, often packaged with Technology Errors & Omissions (Tech E&O) and Miscellaneous Professional Liability (MPL). Cyber policies cover first-party incident costs (data breach response, ransomware payments, business interruption) and third-party liabilities (privacy lawsuits, regulatory fines), tailored for small and mid-sized enterprises with limits typically up to $5 million.<ref name="homepage"/> All policies are backed by active risk monitoring: At-Bay continuously scans insureds' systems for vulnerabilities and provides guidance to prevent claims before they occur.<ref name="about"/><ref name="homepage"/>
== Customer segments and underwriting scope ==
📋 '''MPL expansion.''' Launched in 2022, the Miscellaneous Professional Liability product covers a wide range of professional service businesses for negligence claims, providing up to $5 million in limits and distributed via API for rapid quotes.<ref name="coverager_mpl">{{cite web |title=At-Bay launches miscellaneous professional liability |url=https://coverager.com/at-bay-launches-miscellaneous-professional-liability/ |publisher=Coverager |date=2022}}</ref><ref name="bw_mpl">{{cite web |title=At-Bay Introduces Miscellaneous Professional Liability Insurance Though API Channel |url=https://www.businesswire.com/news/home/20221208005122/en/At-Bay-Introduces-Miscellaneous-Professional-Liability-Insurance-Though-API-Channel-with-Auto-Quotes-for-Businesses-with-Revenue-up-to-%2425M |publisher=BusinessWire |date=2022-12-08}}</ref> MPL leverages At-Bay's digital platform to instantly quote over 50 classes of business with revenues up to $25 million.<ref name="bw_mpl"/> Coverage may be enhanced for customers who adopt certain security measures, such as policy endorsements that lower deductibles or add coverage for use of At-Bay's security tools.<ref name="homepage"/>
🏬 '''Segment boundaries.''' At-Bay expanded its E&S Cyber and Tech E&O coverage to businesses with up to $5B in revenue, with aggregate limits up to $10M.<ref name="expands"/> The company serves close to 40,000 businesses in the U.S. and frames its primary constituency as small-and-medium businesses (SMBs).<ref name="overview"/> A January 2023 carrier acquisition announcement cited more than 26,000 insureds at that time.<ref name="carrier"/>
=== Security platform and services ===
📊 '''Customer mix.''' The disclosed book is SMB-heavy by policyholder count, a point repeatedly emphasized in At-Bay's integrated InsurSec positioning and in references to large policyholder volumes.<ref name="overview"/> Mid-market and larger-risk capability is supported by the increased revenue ceiling ($5B) and aggregate limit (up to $10M), as well as At-Bay's statement that it writes both primary and excess Cyber and Tech E&O.<ref name="expands"/>
🔍 '''At-Bay Stance.''' Under the At-Bay Stance brand, policyholders receive a suite of security services, many bundled at no extra cost, while others are available via an embedded fee.<ref name="homepage"/> Active risk monitoring performs regular vulnerability scans of insureds' networks and web presence, alerting businesses and brokers of critical findings with mitigation recommendations.<ref name="about"/> The Managed Detection and Response (MDR) service operates a 24/7 security operations center with a 15-minute average threat containment time, covering endpoints and cloud email with AI-based phishing protection.<ref name="homepage"/>
🚫 '''Industry restrictions.''' At-Bay does not publish a single consolidated underwriting exclusions list. The cyber policy form includes an exclusion related to contests or games of chance for 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="ransomapp">{{cite web |title=Ransomware Supplemental Application |url=https://www.at-bay.com/wp-content/uploads/2024/02/AB-CYB-RWS-_-Ransomware-Supplemental-Application.pdf |publisher=At-Bay |date=February 2024}}</ref>
🚨 '''Fraud prevention and advisory.''' At-Bay offers an AI-powered Email Fraud Defense solution; policyholders who use it can receive enhanced coverage for financial fraud losses (e.g., social engineering funds transfer) up to $500,000.<ref name="homepage"/> Advisory services include virtual CISO (vCISO) advice, security awareness training, and incident response planning via tabletop exercises.<ref name="homepage"/> The in-house claims and incident response team coordinates breach response services — including forensic investigators, crisis PR, legal counsel, and credit monitoring — with partners such as CrowdStrike via a 2023 alliance to help SMBs recover faster.<ref name="about"/><ref name="homepage"/> One case study noted At-Bay helped a ransomware victim avoid paying ransom and resume operations in four days.<ref name="homepage"/>
{{Section separator}}
=== Revenue model ===
💵 '''Commission-driven income.''' As an MGA, At-Bay's primary revenue comes from commissions on Gross Written Premium (GWP), typically in the 15–20% range for specialty lines (though At-Bay's specific rate is undisclosed). The company also earns contingent commissions from capacity providers when loss ratios stay below agreed thresholds — in 2021, it highlighted losses below 50% of the industry average, implying strong profitability for partner insurers.<ref name="seriesd_pr"/> Additional revenue sources include an embedded security fee covering At-Bay Stance platform costs included in certain policies and potential subscription revenue from standalone MDR sales to non-insurance clients, though this remains nascent.<ref name="homepage"/>
=== Distribution and go-to-market ===
== Policy coverage and claims services ==
🤝 '''Broker-centric channels.''' At-Bay relies on intermediated distribution, primarily through wholesale insurance brokers (CRC, RT Specialty, AmWINS, and similar firms) who serve regional retail agencies.<ref name="about"/> The Broker Platform is an online portal enabling real-time quotes, coverage customization, and policy binding within minutes.<ref name="about"/> At-Bay also offers APIs for programmatic quoting; its MPL product is delivered via API to insurtech distributors and small business platforms.<ref name="bw_mpl"/> An admitted cyber product launched in late 2022, available in 47 states, provides a fully digital quoting experience via embedded insurance partnerships.<ref name="admitted_launch">{{cite web |title=At-Bay Launches Admitted Cyber Insurance Product |url=https://www.linkedin.com/posts/at-bay_at-bay-launches-admitted-cyber-insurance-activity-7021948171043975168-epVR |publisher=At-Bay via LinkedIn |date=November 2022}}</ref> Strategic alliances include a 2021 collaboration with Microsoft to help SMBs manage cyber risk proactively,<ref name="seriesd_ext"/> and a 2023 partnership with CrowdStrike to offer combined security solutions.<ref name="about"/>
📋 '''Policy form and trigger.''' At-Bay's published Cyber Insurance Policy Form AB-CYB-001.2 (08/2023) is underwritten by At-Bay Specialty Insurance Company and 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) comprising multiple Insuring Agreements for third-party liability and first-party event costs, subject to aggregate and sub-limits.<ref name="policyform"/> Third-party coverages follow a claims-made trigger (claim first made during the policy period or extended reporting period), while first-party coverages are triggered by events first discovered or disruptions first occurring during the policy period.<ref name="policyform"/>
=== Capacity structure ===
🛡️ '''First-party coverages.''' The policy includes incident response and recovery costs spanning technical response, legal services, public relations, notification, reward expense, credit monitoring, data recovery, and system restoration losses across both information-privacy and network-security events.<ref name="policyform"/> Business interruption coverage encompasses direct and contingent business interruption loss, extra expense, plus reward expense and public relations loss.<ref name="policyform"/> Cyber extortion coverage applies to extortion threats first discovered during the policy period, while financial fraud coverage addresses social engineering (fraudulent inducement loss) and computer crimes loss.<ref name="policyform"/>
🏦 '''Evolution of risk-bearing.''' At-Bay's capacity has evolved from a single carrier (Hartford Steam Boiler/HSB, rated A++ by AM Best, from 2017–2021) to a diversified multi-carrier panel.<ref name="seriesd_ext"/><ref name="trisura_launch"/> In 2022, Trisura Specialty Insurance Company (A- rated) was introduced as a new fronting carrier while HSB increased its capital support as lead reinsurer, and At-Bay created its captive reinsurance subsidiary to retain a portion of each risk.<ref name="trisura_launch"/> With the acquisition of At-Bay Specialty Insurance Company in January 2023 and its AM Best A- rating in April 2023, At-Bay signaled a move to a full-stack model.<ref name="ambest_initial"/> By 2024, At-Bay Specialty ranked fourth among U.S. standalone cyber insurers by direct premium.<ref name="ambest_rankings">{{cite web |title=Best's Rankings: US P/C Stand-Alone Cybersecurity DPW Drop 7.8%; Chubb Jumps to No. 2 |url=https://news.ambest.com/newscontent.aspx?refnum=266700&altsrc=23 |publisher=AM Best |date=2024}}</ref> HSB's CUO described At-Bay as having "the most complete and successful risk mitigation model" he was aware of.<ref name="trisura_launch"/>
⚖️ '''Third-party coverages.''' The form provides Information Privacy Liability (claim expenses and damages), Regulatory Liability (including GDPR penalties, regulatory penalties, and regulatory assessments and expenses), 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="policyform"/>
=== Competitive position ===
🔒 '''Notable exclusions.''' The policy includes a war exclusion covering loss, damages, or claim expenses arising from war, invasion, acts of foreign enemies, and related perils, with no visible carve-back language.<ref name="policyform"/> An infrastructure exclusion applies to electrical, mechanical, and utility failures (electricity, gas, water, internet, DNS) from 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-acts exclusion applies to third-party coverage tied to a retroactive date and subsidiary status.<ref name="policyform"/>
⚔️ '''Peer landscape.''' At-Bay is one of the leading players in the cyber insurance insurtech segment, often cited alongside Coalition, Corvus, Cowbell, and Resilience as the top cyber-focused MGAs.<ref name="stocker">{{cite web |title=Coalition |url=https://www.felixstocker.com/blog/coalition |publisher=Felix Stocker}}</ref> Coalition, the largest cyber MGA with approximately $630 million in premium in 2023, is the closest competitor — its cyber premium was roughly double At-Bay's ($630M vs. $301M).<ref name="stocker"/> Corvus, which encountered capacity issues and high loss ratios, was acquired by Travelers in 2023, underscoring At-Bay's stronger execution and maintained independence.<ref name="stocker"/> Cowbell Cyber faced setbacks when it lost a key capacity partner (Skyward Specialty) in early 2024,<ref name="stocker"/> while At-Bay managed to gain capacity throughout the 2021–2022 period.
🔧 '''Claims and breach response.''' The policy insures categories corresponding to breach response services (forensics, legal, notification, credit monitoring, PR). Operationally, At-Bay describes an in-house "Response & Recovery" team of digital forensics and incident recovery experts integrated with its claims process.<ref name="security">{{cite web |title=At-Bay Security |url=https://www.at-bay.com/security/ |publisher=At-Bay |access-date=9 March 2026}}</ref>
🏆 '''Differentiators.''' At-Bay's value proposition centers on several competitive advantages. Its InsurSec model combines an insurance policy with continuous cybersecurity monitoring, yielding losses less than half the industry average and ransomware claim frequency seven times lower than peers.<ref name="seriesd_pr"/><ref name="seriesd_ext"/> Automated, data-driven underwriting incorporates technical scan data to quote many small risks instantly via API, including MPL auto-quotes in under two minutes.<ref name="bw_mpl"/> The broker-friendly platform (93 NPS) modernized the wholesale channel without disintermediating brokers.<ref name="about"/> AM Best's A- rating reflects a strong capital base and governance, and the company's incentive structure — offering enhanced coverage sub-limits or reduced deductibles for insureds adopting recommended security controls — aligns interests between insurer and insured.<ref name="homepage"/><ref name="ambest_reaffirm">{{cite web |title=AM Best Reaffirms Financial Strength Rating of At-Bay's Carrier as A- (Excellent) |url=https://www.at-bay.com/press_releases/am-best-reaffirms-carrier-rating/ |publisher=At-Bay |date=2025}}</ref>
{{Section separator}}
== Performance drivers ==
== Cybersecurity services and technology stack ==
=== Premium growth ===
🔐 '''InsurSec model.''' At-Bay positions itself as an "InsurSec" provider that combines insurance underwriting with security tooling and human services, aiming to reduce loss frequency through proactive exposure identification and remediation.<ref name="security"/>
📈 '''Explosive scaling.''' At-Bay's Gross Written Premium has grown rapidly. In 2021, GWP run-rate surpassed $240 million — a 600% increase over 2020, implying approximately $40 million in 2020 GWP.<ref name="trisura_launch"/> By 2022, At-Bay exceeded $380 million in annual recurring GWP, a further 58% jump year-over-year despite a challenging market.<ref name="ij_rating"/> Growth was driven by both new customer acquisition and steep rate increases industry-wide (double- and triple-digit cyber premium hikes in 2021–2022 due to ransomware losses). At-Bay capitalized on the hard market cycle: while some carriers non-renewed or froze writings, At-Bay — armed with additional capacity — wrote more business at higher prices, particularly in the underserved SME segment where many businesses purchased cyber coverage for the first time.
📝 '''Pre-bind services.''' As part of the quoting process, At-Bay provides a "Security Report" containing cyber risk analysis, industry benchmarking data, and security recommendations.<ref name="secreport">{{cite web |title=Security Report |url=https://www.at-bay.com/security-report/ |publisher=At-Bay |access-date=9 March 2026}}</ref> The Stance Exposure Management platform scans and monitors digital assets, prioritizes exposures, and provides access to Cyber Advisors.<ref name="exposure">{{cite web |title=Exposure Manager |url=https://www.at-bay.com/security/exposure-manager/ |publisher=At-Bay |access-date=9 March 2026}}</ref>
The table below summarizes available operating KPIs.
🖥️ '''Continuous in-force services.''' Security offerings for policyholders include vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisors, and security awareness training.<ref name="atbay"/> Enhancements to the Stance platform include security awareness training and integrations for Microsoft and Google email platforms.<ref name="enhancements">{{cite web |title=Enhancements to Innovative 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}}</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="enhancements"/>
{| class="wikitable" style="font-size:0.85em; background-color:white; text-align:left;"
|+ style="text-align:left;" | '''Operating KPIs (selected)'''<ref name="trisura_launch"/><ref name="ij_rating"/><ref name="homepage"/><ref name="about"/><ref name="seriesd_pr"/>
|-
! style="background-color:#e8e8e8;" | KPI
! style="background-color:#e8e8e8;" | FY2018
! style="background-color:#e8e8e8;" | FY2019
! style="background-color:#e8e8e8;" | FY2020
! style="background-color:#e8e8e8;" | FY2021
! style="background-color:#e8e8e8;" | FY2022
! style="background-color:#e8e8e8;" | Notes / drivers
|-
| Gross Written Premium (GWP, $M)
| ND
| ND
| ~$40 (est.)
| ~$240 (run-rate)
| $380+
| Premium managed on behalf of carriers (surplus lines). Explosive growth from new business and rate increases.
|-
| Policyholders / customers
| ND
| ND
| ~5,000 (est.)
| ~18,000 (est.)
| ~30,000
| Cumulative businesses insured. By 2025, 40,000+ policyholders.
|-
| Renewal retention rate (%)
| ND
| ND
| ND
| ND
| ND
| Not publicly shared. Service value likely aided retention above industry norms.
|-
| Average premium per policy ($)
| ND
| ND
| ~$8k (est.)
| ~$13k (est.)
| ~$12.7k (calc)
| Calculated: $380M GWP over ~30k policies ≈ $12.7k average. Rising rates pushed up average premium in 2021–2022.
|-
| Gross loss ratio (%)
| ND
| ND
| ND
| < 50% of industry
| < 50% of industry
| Ransomware claim frequency 7× lower than industry. Industry cyber loss ratios ~65–75%; At-Bay's implied at ~30–35%.
|-
| Net loss ratio (%)
| N/A
| N/A
| N/A
| ND
| ND
| Before 2022, At-Bay retained no net risk. Starting mid-2022, small retention via captive.
|-
| Entities actively monitored
| ND
| ND
| ND
| 1,000,000+ (est.)
| 1,500,000
| IT assets (servers, endpoints, IPs) scanned/monitored. Reflects breadth of At-Bay's risk visibility.
|-
| Employees (headcount)
| ~20–30 (est.)
| ~50–60 (est.)
| ~100 (est.)
| ~200 (est.)
| 300+
| Rapid growth. By early 2023, 300+ staff. Current ~340+.
|-
| Broker partners
| ND
| ND
| ND
| ND
| N/A
| Licensed nationwide implies hundreds of agency relationships. Broker NPS = 93.
|}
=== Analysis of performance drivers ===
👥 '''Customer growth.''' At-Bay's insured count grew both by expanding appetite to new classes and through broader distribution. Over time, the company expanded from tech companies and professional services to over 100 industries and increased its revenue threshold for larger clients.<ref name="about"/><ref name="mpl_doubles">{{cite web |title=At-Bay Doubles MPL Appetite to $50M and Adds 40 New Business Classes |url=https://www.at-bay.com/press_releases/at-bay-doubles-mpl/ |publisher=At-Bay |date=2022}}</ref> The admitted product launch further opened doors to micro-SMEs via embedded channels, and 40 new classes were added to MPL in 2023.<ref name="mpl_doubles"/>
📉 '''Loss ratio and risk selection.''' A standout performance driver is At-Bay's technical underwriting, which has translated to persistently low loss ratios. In mid-2021, ransomware claim frequency was reported at seven times lower than the industry average.<ref name="seriesd_ext"/> The root causes include proactive vulnerability patching (58% of ransomware attacks in 2023 originated from compromised remote access tools),<ref name="about"/><ref name="insursec_report">{{cite web |title=2025 InsurSec Report: Cyber Claims & Ransomware Data |url=https://www.at-bay.com/2025-insursec-report/ |publisher=At-Bay |date=2025}}</ref> rigorous risk selection and non-renewal of accounts with poor security, carefully structured policy sublimits and deductibles, and efficient in-house claims handling that reduces claim costs. The industry gross loss ratio for standalone cyber peaked around 75–100% in 2020–2021, while At-Bay has indicated its ratio has been far lower — possibly in the 30–40% gross range — a result that led capacity partners like HSB to expand their quota share backing in 2022.<ref name="trisura_launch"/>
⚙️ '''Efficiency and broker network.''' At-Bay writes approximately $1.3 million in GWP per employee, achieved via automation and not carrying claims reserves. The company's success in onboarding brokers — providing indications within minutes via its platform — has driven a virtuous cycle of high submission volume, enabling At-Bay to select only the best risks and reinforcing low loss ratios.<ref name="about"/> At-Bay's focus on providing ongoing value (via security scans, MDR, monthly vulnerability reports) creates stickiness that traditional insurers lack, supporting a healthy renewal book that forms a base for year-on-year growth.
🛰️ '''MDR and MXDR.''' MDR services are provided through At-Bay Security, LLC, offered as a separate purchase not required for insurance coverage and not limited to policyholders.<ref name="atbay"/> The enterprise-grade MDR disclosed in June 2024 is powered by CrowdStrike and includes 24/7 monitoring via a Security Operations Center.<ref name="expands"/> In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne.<ref name="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}}</ref>
📊 '''Claims trends.''' Through 2022 and 2023, the cyber threat landscape shifted: ransomware frequency plateaued or declined while severity climbed, with average ransomware claim severity nearly reaching $500,000 in 2024.<ref name="insursec_report"/> At-Bay's agile underwriting responded by adjusting pricing models and encouraging controls, maintaining profitability through active portfolio management. AM Best noted At-Bay's "very strong balance sheet" with low underwriting leverage, indicating they were not straining capital.<ref name="ambest_initial"/>
{{Section separator}}
== Strategic priorities ==
== Distribution, partnerships, and competitive positioning ==
🧭 '''Product portfolio expansion.''' At-Bay has signaled intent to expand into additional specialty lines beyond cyber and Tech E&O as it grows its carrier platform.<ref name="ij_rating"/> Having already expanded into MPL, potential future areas include Directors & Officers (D&O) for technology companies, crime insurance focusing on cyber fraud, or other liability lines for the digital economy — all with a cyber/security adjacency leveraging At-Bay's analytical strengths.
🌐 '''Distribution architecture.''' At-Bay distributes through wholesale brokers and digital channels.<ref name="carrier"/> The company operates a dedicated broker platform and API 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 strategy.<ref name="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 |access-date=9 March 2026}}</ref>
🏪 '''SME market penetration.''' Domestically, penetrating the small business market more deeply is a priority, hence the admitted product launch targeting businesses under $25 million in revenue via channels like small commercial package policies and fintech partners.<ref name="admitted_launch"/><ref name="stocker"/> The automation and API distribution strategy aims to make cyber insurance accessible for smaller enterprises, potentially expanding market penetration dramatically. International expansion has not been explicitly announced, though the Tel Aviv R&D presence facilitates global talent reach.
🌍 '''Geographic footprint.''' At-Bay maintains a globally distributed workforce with hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.<ref name="overview"/><ref name="seriesd"/><ref name="carrier"/> Customer and premium statements are framed primarily around the U.S. market.<ref name="overview"/>
🏛️ '''Full-stack carrier optimization.''' With At-Bay Specialty Insurance Company operational, strategic focus is on optimizing risk retention and underwriting control. Near-term priorities include gradually migrating more of its book onto its own balance sheet (subject to reinsurance), securing and maintaining strong credit ratings (A- initial rating achieved in 2023, reaffirmed in 2025),<ref name="ambest_initial"/><ref name="ambest_reaffirm"/> and investing in governance, compliance, and actuarial infrastructure to satisfy regulators and rating agencies.<ref name="carrier_intro"/> As Rotem Iram stated, these steps "cement our commitment to building a lasting insurance company."<ref name="carrier_intro"/>
🏗️ '''Capacity evolution.''' In May 2022 At-Bay launched a fronted program backed by Trisura Specialty Insurance Company (issuing carrier) and The Hartford Steam Boiler Inspection and Insurance Company (largest capital provider and lead reinsurer), with additional capacity from a reinsurance panel and At-Bay's newly formed captive reinsurance company; Guy Carpenter placed the reinsurance and Skyward Specialty Insurance Group participated in the panel.<ref name="trisura">{{cite web |title=At-Bay Launches Trisura-Fronted Cyber Program as HSB Increases Capital Commitment |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}}</ref> In January 2023 At-Bay completed acquisition of its Delaware-domiciled E&S carrier, and by August 2023 it began issuing Cyber and Tech E&O policies on its own paper, finalizing the transition to a full-stack carrier model.<ref name="carrier"/>
💻 '''Technology and data roadmap.''' At-Bay will continue enhancing its proprietary cyber risk platform through AI and machine learning for threat intelligence and underwriting, expansion of the At-Bay Stance platform (potentially adding cloud security monitoring, supply chain risk assessments), scaling the MDR service through automation and partnerships, and continued improvements to the Broker Platform and APIs. Product innovation will include developing new coverage enhancements aligned with security services, building on the 2023 InsurSec offerings that bundled security with enhanced ransomware and fraud coverage.<ref name="homepage"/><ref name="newsroom">{{cite web |title=Company News, Announcements & Media Kit |url=https://www.at-bay.com/about/newsroom/ |publisher=At-Bay}}</ref>
⭐ '''Carrier rating.''' AM Best assigned an A- rating with stable outlook to At-Bay Specialty Insurance Company in April 2023, and subsequently reaffirmed the A- (stable) rating.<ref name="issuing"/><ref name="ambestreaffirm">{{cite web |title=AM Best Reaffirms Carrier Rating |url=https://www.at-bay.com/press_releases/am-best-reaffirms-carrier-rating/ |publisher=At-Bay |date=August 2025}}</ref>
🤝 '''Partnership and ecosystem strategy.''' At-Bay will maintain and diversify reinsurance partnerships (working with broker Guy Carpenter to expand its reinsurer panel),<ref name="trisura_launch"/> forge closer broker alliances, and pursue embedded insurance deals with cloud service providers or MSPs. Security vendor integrations with companies such as Tenable, Rapid7, or SentinelOne could drive co-marketing opportunities. The company may also engage more deeply with industry bodies and regulators to help shape cyber insurance frameworks.
🏆 '''Competitive positioning.''' At-Bay's core differentiation is the combined insurance-and-security model ("InsurSec"), which aims to reduce loss frequency by proactively identifying and remediating exposures.<ref name="security"/> The transition from MGA/fronted structures to issuing on its own E&S paper is framed as increasing agility and financial stability for brokers and customers.<ref name="issuing"/>
🎯 '''Financial path.''' At-Bay's strategic plan likely includes a roadmap to profitability, with its loss ratio advantage providing a head start. A strategic goal will be reaching EBITDA breakeven in coming years by improving operating leverage — the tech platform allows handling increased premiums with only incremental staff increases. The hire of CFO Ari Fischel (who helped prepare Oscar Health for IPO) suggests At-Bay is considering public markets.<ref name="ij_rating"/>
{{Section separator}}
== P&L trends ==
== Financial signals and risk factors ==
=== Revenue composition ===
📈 '''Premium trajectory.''' At-Bay's disclosed premium scale moved from $240M (2021 GWP run-rate) to annual recurring gross written premium of $360M (2022) and $380M (as of January 2023).<ref name="trisura"/> The carrier's statutory-style reporting shows material written premium first appearing in 2023, consistent with the transition to issuing on At-Bay Specialty Insurance Company paper.<ref name="fslso"/> The company stated a 600% YoY GWP growth rate for 2021 versus the prior year.<ref name="trisura"/>
💰 '''Commission income.''' At-Bay's net revenues consist primarily of commission income from insurance premiums. If GWP in 2022 was $380 million and assuming an average commission rate of 15–20%, gross revenue would be on the order of $57–76 million (before profit commissions).<ref name="ij_rating"/> Given loss ratios under 50%, At-Bay likely earns significant contingent commissions from capacity providers. Reuters reported At-Bay had surpassed $160 million in annual recurring premium as of July 2021, though the company has not publicly stated GAAP revenue.<ref name="reuters_seriesd"/>
💼 '''Carrier profitability.''' Carrier-level reporting shows positive net income in both 2022 ($0.69M) and 2023 ($1.29M), with a 2023 combined ratio of 98%.<ref name="fslso"/> The carrier recorded $154.5M in gross premium for 2023 against $0 in 2022, reflecting the mid-2023 transition to own-paper issuance.<ref name="fslso"/> The company employs over 300 people.<ref name="overview"/>
=== Expense profile ===
{| class="wikitable sortable" style="width:100%; font-size:0.85em"
🏗️ '''Operating costs.''' At-Bay's expenses include people costs (salaries for approximately 300 employees across high-cost locations in San Francisco, New York, and Tel Aviv — likely the largest expense category), technology and R&D (platform development, cloud infrastructure, cybersecurity tools, and external data sources), marketing and broker relations, and administration (office leases, legal/compliance costs, carrier-related overhead). Starting in 2023, the company also incurs loss expenses for the portion of risk retained through its captive and carrier, though this share remains small. AM Best described At-Bay Specialty's operating performance outlook as "adequate" and expects underwriting and investment income to support surplus growth through 2023–2027.<ref name="ambest_initial"/>
|+ 📊 At-Bay — key financial indicators (mixed sources, not audited group GAAP)<ref name="fslso"/><ref name="trisura"/><ref name="carrier"/><ref name="overview"/>
! scope="col" style="text-align:center" | Metric
=== Profitability outlook ===
! scope="col" style="text-align:right; width:8em" | Most recent figure
! scope="col" style="text-align:right; width:8em" | Prior year
📉 '''Growth over profit.''' At-Bay is still in growth mode and likely not yet profitable on a consolidated basis. Heavy investments in staff and technology, combined with retaining only a fraction of insurance economics, mean operating losses are probable — sustained by venture capital. However, the underlying unit economics are favorable: a sub-50% loss ratio and growing commission base suggest a clear path to profitability. As scale increases, if headcount growth decelerates relative to premium growth, At-Bay will approach breakeven. The strategy of retaining more risk as a carrier also creates potential for underwriting profit and investment income on float.<ref name="ambest_initial"/>
! scope="col" style="text-align:center" | Source
The table below summarizes the estimated high-level income statement trends.
{| class="wikitable" style="font-size:0.85em; background-color:white; text-align:left;"
|+ style="text-align:left;" | '''Income statement summary (estimated, $M)'''<ref name="trisura_launch"/><ref name="ij_rating"/><ref name="seriesd_pr"/><ref name="ambest_initial"/>
|-
| GWP (group run-rate)
! style="background-color:#e8e8e8;" | Metric
!| style="backgroundtext-coloralign:#e8e8e8;right" | FY2019$240M (2021)
!| style="backgroundtext-coloralign:#e8e8e8;right" | FY2020—
| At-Bay press release (May 2022)
! style="background-color:#e8e8e8;" | FY2021
! style="background-color:#e8e8e8;" | FY2022
! style="background-color:#e8e8e8;" | FY2023 (est.)
! style="background-color:#e8e8e8;" | Notes / drivers
|-
| GrossGWP Writtengrowth Premiumrate (managedYoY)
| style="text-align:right" | 600% (2021)
| ~$10–15 (est.)
| style="text-align:right" | —
| ~$40 (est.)
| At-Bay press release (May 2022)
| ~$240 (run-rate)
| $380+ (ARR)
| ~$450 (ND)
| Growth driven by new business and rate increases. 2023 assumes continued ~20–30% growth.
|-
| Policy count (in force)
| Net revenue (commission & fees)
| style="text-align:right" | 26,000+ (Jan 2023)
| ND
| style="text-align:right" | —
| ND
| At-Bay carrier acquisition announcement
| ND
| ND
| ND
| Commission income ~15–20% of GWP. 2022 potentially $60–70M range (calculated); officially ND.
|-
| Carrier gross premium (statutory)
| Gross loss ratio (insurance program)
| style="text-align:right" | $154.5M (2023)
| ND
| style="text-align:right" | $0 (2022)
| ND
| Florida surplus lines servicing report
| < 50% of industry
| < 50% of industry (~30–40%)
| < 50% (est.)
| At-Bay consistently outperforms market. Industry ~65% in 2022 for standalone cyber.
|-
| Carrier combined ratio
| Operating expenses
| style="text-align:right" | 98% (2023)
| ND
| style="text-align:right" | —
| ND
| Florida surplus lines servicing report
| ND
| ND
| ND
| Includes payroll (300+ staff), R&D, marketing, admin. Some economies of scale beginning to manifest.
|-
| Carrier net income
| EBITDA (operating profit/loss)
| style="text-align:right" | $1.29M (2023)
| ND (negative)
| style="text-align:right" | $0.69M (2022)
| ND (negative)
| Florida surplus lines servicing report
| ND (negative)
| ND (negative)
| ND (breakeven goal)
| Likely net loss in all years given high growth spend. Aiming to approach breakeven.
|-
| Headcount
| Net income / net loss
| style="text-align:right" | 300+
| ND
| style="text-align:right" | —
| ND
| Company overview
| ND
| ND
| ND
| Net losses funded by VC. Profit commissions narrow the gap. All earnings reinvested.
|}
⚠️ '''Capacity and reinsurance dependency.''' Although At-Bay now issues on its own E&S carrier, 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="trisura"/>
🔀 '''Impact of retained risk.''' Starting in 2023, At-Bay's P&L includes earned premiums, losses, and expenses on the retained slice of business written through At-Bay Specialty and the captive. If loss ratio holds at approximately 35% and expense ratio at 40%, the combined ratio on retained business would be approximately 75% — a healthy 25% underwriting margin that would complement commission income from ceded portions. Investment income from the carrier's bond portfolio, benefiting from the higher interest rate environment, is a new contributor. AM Best noted investment income will contribute to At-Bay Specialty's results going forward.<ref name="ambest_initial"/>
🌊 '''Systemic cyber aggregation.''' At-Bay's product scope includes first-party business interruption, extortion, and other coverages that can aggregate in systemic cyber events; scenario-specific aggregation controls are not publicly detailed.<ref name="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 importance of regulatory approvals and ongoing oversight for corporate actions in the E&S space.<ref name="delhearing"/>
⚙️ '''Technology execution.''' A material portion of At-Bay's differentiation depends on execution of security services, some embedded via endorsement and some sold through the affiliate. Operational failure, adverse customer outcomes, or vendor dependency — notably MDR being powered by third-party technology — could affect underwriting outcomes and reputation.<ref name="enhancements"/> The acquisition of Relay, while framed as operationally independent, introduces integration and commercial alignment risks.<ref name="relay"/>
🔗 '''AXA relationship.''' A direct AXA linkage appears in carrier reinsurance counterparties: the Florida surplus lines servicing report lists AXA SA among the carrier's top five 2023 reinsurers.<ref name="fslso"/><ref name="carrier"/> At-Bay acquired its carrier from XL Insurance America, and regulator materials reference XL Select Insurance Company as the target of the control transaction, though the organizational linkage between XL-branded entities and AXA group structure is not explicitly specified in reviewed documents.<ref name="carrier"/> No evidence of AXA Venture Partners, Kamet, or AXA distribution partnerships with At-Bay was identified.<ref name="overview"/>
{{Section separator}}
== Balance sheet ==
== Strategy and outlook ==
🏦 '''Pre-carrier era.''' Before acquiring its carrier, At-Bay's balance sheet mainly reflected venture capital raised (as equity) and cash burn. The MGA did not hold insurance liabilities; those resided with partner insurers. With the addition of At-Bay Specialty Insurance Company in 2023, the balance sheet now includes typical insurance company items.
🎯 '''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, API strategy, and acquisition of Relay as a multi-carrier marketplace.<ref name="carrier"/><ref name="enhancements"/><ref name="relay"/>
📦 '''Assets.''' Key asset categories include cash and investments (a significant reserve from $295.7 million in cumulative venture funding, with a portion used to capitalize At-Bay Specialty),<ref name="about"/> the carrier's conservative investment portfolio of high-quality bonds,<ref name="ambest_initial"/> premium receivables and commission receivables, potential intangible assets from the carrier acquisition (state insurance licenses value), and reinsurance recoverables on ceded losses (initially minimal given low claims). AM Best noted "strongest level of risk-adjusted capitalization" for At-Bay Specialty,<ref name="ambest_initial"/> implying robust surplus relative to premium.
🛒 '''M&A posture.''' At-Bay has completed 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="ransomfraud">{{cite web |title=At-Bay Launches Industry-First 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}}</ref>
📑 '''Liabilities.''' Pre-2023, At-Bay carried no loss reserves. Post-2023, At-Bay Specialty establishes loss and LAE reserves for incurred claims on its retained book (initially small as most business is heavily reinsured), unearned premium reserves for policies written on its carrier paper, and standard operating payables. The company carries no known debt — all expansion has been funded by equity.<ref name="about"/> Financial leverage is effectively zero.
{{Section separator}}
== Company timeline ==
The table below summarizes key balance sheet items.
{| class="wikitable sortable" style="width:100%; font-size:0.85em; background-color:white; text-align:left;"
|+ 📅 At-Bay, Inc. — corporate milestones, 2016–2025
|+ style="text-align:left;" | '''Balance sheet highlights ($M)'''<ref name="ambest_initial"/><ref name="about"/>
! scope="col" style="text-align:center; width:7em" | Date
! scope="col" style="text-align:center" | Event
|-
| 2016
! style="background-color:#e8e8e8;" | Metric
| Company founded by Rotem Iram and Roman Itskovich (among others).<ref name="overview"/>
! style="background-color:#e8e8e8;" | FY2019
! style="background-color:#e8e8e8;" | FY2020
! style="background-color:#e8e8e8;" | FY2021
! style="background-color:#e8e8e8;" | FY2022
! style="background-color:#e8e8e8;" | FY2023 (est.)
! style="background-color:#e8e8e8;" | Notes / drivers
|-
| November 2017
| Total assets
| Seed financing ($6M); early partnership with Hartford Steam Boiler described in reporting.<ref name="cmseed"/>
| ND
| ND
| ND
| ND
| ND (increased)
| 2023 jump from carrier's invested assets and capital infusion. Strong capitalization per AM Best.
|-
| May 2018
| – Cash & equivalents
| Series A financing ($13M).<ref name="mediuma">{{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}}</ref>
| ND
| ND
| ND
| ND
| ND
| Likely tens of millions. After Series D, cash possibly $100M+.
|-
| February 2020
| – Investments (bonds)
| Series B financing ($34M).<ref name="cmsb"/>
| N/A
| N/A
| N/A
| N/A
| ND
| Carrier's bond portfolio initiated in 2023 (high quality, liquid). Provides investment income.
|-
| December 2020
| – Intangible assets
| Series C financing ($34M); M12 participation added.<ref name="techcrunch">{{cite web |title=Cyber Insurance Startup At-Bay Raises $34M Series C |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}}</ref>
| N/A
| N/A
| N/A
| N/A
| ND
| Arises from 2023 carrier acquisition. Value of insurance licenses from XL.
|-
| July 2021
| – Reinsurance recoverables
| Series D financing ($185M) at $1.35B valuation.<ref name="seriesd"/>
| N/A
| N/A
| N/A
| N/A
| ND
| Appears 2023 onward for ceded losses. Minimal so far.
|-
| October 2021
| Total liabilities
| $20M Series D extension disclosed.<ref name="serdext">{{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}}</ref>
| ND
| ND
| ND
| ND
| ND
| Mostly operating payables historically. In 2023, includes insurance reserves. Heavily reinsured.
|-
| May 2022
| – Loss & LAE reserves (gross)
| Trisura-fronted cyber program launched; HSB as largest capital provider and lead reinsurer; captive reinsurer formed; reinsurance placed by Guy Carpenter.<ref name="trisura"/>
| 0
| 0
| 0
| 0
| ND
| Zero prior to carrier. In 2023, some reserves for reported claims. Low given short-tail nature.
|-
| August 2022
| – Unearned premium (gross)
| MPL product launched; acquisition of Relay completed.<ref name="mpl"/><ref name="relay"/>
| 0
| 0
| 0
| 0
| ND
| First appears 2023. Ceded largely to reinsurers.
|-
| December 2022
| – Debt
| Delaware regulator notice of public hearing on acquisition of control of XL Select by At-Bay, Inc.<ref name="delhearing"/>
| $0
| $0
| $0
| $0
| $0
| No known debt. Expansion funded by equity.
|-
| 24 January 2023
| Total shareholders' equity
| Completion of acquisition of E&S carrier from XL Insurance America announced.<ref name="carrier"/>
| ND
| ND-
| 19 April 2023
| ND
| AM Best assigns A- rating (stable outlook) to At-Bay Specialty Insurance Company.<ref name="ambest"/>
| ND
| ND-
| August 2023
| $295.7M total VC contributed, offset by cumulative net losses. Carrier's statutory capital included from 2023.
| At-Bay begins issuing Cyber and Tech E&O policies on its own E&S paper.<ref name="issuing"/>
|-
| June 2024
| E&S Cyber and Tech E&O coverage expanded to businesses up to $5B revenue and aggregate limits up to $10M; MDR powered by CrowdStrike offered by security affiliate.<ref name="expands"/>
|-
| August 2025
| AM Best reaffirms A- (stable) rating.<ref name="ambestreaffirm"/>
|-
| October 2025
| InsurSec packages launched combining security and insurance enhancements for ransomware and financial fraud protection.<ref name="ransomfraud"/>
|}
🔑 '''Capital adequacy.''' AM Best's A- rating indicates confidence in capital adequacy, with BCAR likely in the highest category.<ref name="ambest_initial"/> Underwriting leverage at the carrier is kept low initially, and the balance sheet strength is rated "Very Strong."<ref name="ambest_initial"/> Liquidity is strong: assets are largely marketable (cash and bonds), liabilities are short-duration, and reinsurance coverage mitigates risk.
{{Section separator}}
== Cash and liquidity ==
== Glossary ==
💧 '''Operating cash flow.''' As an MGA, At-Bay collects premiums via brokers, retains its commission, and remits the balance to capacity providers. Commission income provides operating cash as policies are written, though operating expenses (salaries, rent, R&D) have historically exceeded this income, resulting in negative operating cash flow sustained by venture funding. Starting in 2023, At-Bay Specialty and the captive pay some claims directly, recovering from reinsurers for ceded portions — requiring liquidity for claims, though this volume remains small.
{| class="wikitable" style="width:100%; font-size:0.85em"
🏧 '''Liquidity position.''' Short-term liquidity is strong. The company has venture capital cash and incoming commissions from new business to cover near-term obligations. AM Best described the carrier's liquidity as "solid," with mostly cash and bonds that are highly liquid relative to liabilities.<ref name="ambest_initial"/> The parent company is backed by deep-pocketed investors who have historically provided additional capital when needed. No venture debt or material borrowing has been disclosed.
|+ 📖 Selected terms
! scope="col" style="text-align:center; width:12em" | Term
📊 '''Cash runway.''' Free cash flow has been negative in each year to date, though the burn rate appears manageable relative to funds raised. After the $205 million Series D (including extension) in 2021,<ref name="seriesd_ext"/> At-Bay maintained sufficient runway without emergency fundraising through 2023 and beyond, as evidenced by the absence of a major equity round since 2021. The trend is toward self-sustainability as commission revenues grow and expenses stabilize.
! scope="col" style="text-align:center" | Definition
The table below provides an estimated summary of cash flow dynamics.
{| class="wikitable" style="font-size:0.85em; background-color:white; text-align:left;"
|+ style="text-align:left;" | '''Cash flow summary (estimated, $M)'''<ref name="seriesd_ext"/><ref name="reuters_seriesd"/><ref name="equitybee">{{cite web |title=Fund At-Bay stock options |url=https://equitybee.com/companies/At-Bay |publisher=EquityBee}}</ref><ref name="tc_seriesc">{{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=2020-12-08}}</ref>
|-
| MGA / MGU
! style="background-color:#e8e8e8;" | Metric
| Managed general agent / managing general underwriter; an entity with delegated underwriting authority from an insurer, with varying degrees of operational control.
! style="background-color:#e8e8e8;" | FY2019
! style="background-color:#e8e8e8;" | FY2020
! style="background-color:#e8e8e8;" | FY2021
! style="background-color:#e8e8e8;" | FY2022
! style="background-color:#e8e8e8;" | FY2023 (est.)
! style="background-color:#e8e8e8;" | Notes / drivers
|-
| Coverholder
| Operating cash flow (±)
| A delegated authority entity authorized by a Lloyd's managing agent to enter insurance contracts on behalf of a Lloyd's syndicate under a binding authority.
| ND (negative)
| ND (negative)
| ND (negative)
| ND (negative, improving)
| ND (toward breakeven)
| Cash used in operations each year. By 2022, commission inflows grew, reducing net burn.
|-
| GWP / NWP
| Technology investment / capex
| Gross written premium (before reinsurance) / net written premium (retained after reinsurance).
| ND
| ND
| ND
| ND
| ND
| Mostly through OPEX (R&D). Tens of millions total over 2017–2023.
|-
| Loss ratio / Combined ratio
| Acquisitions
| Loss ratio measures incurred losses divided by earned premium; combined ratio adds underwriting expenses. Values below 100% indicate underwriting profit.
| 0
| 0
| 0
| 0
| ND
| Jan 2023 carrier acquisition — purchase price undisclosed. Main outlay was capitalizing surplus.
|-
| Quota share / Excess of loss
| Free cash flow
| Reinsurance structures: proportional sharing of premiums and losses (quota share) versus coverage of losses above an attachment point (excess of loss).
| Negative
| Negative
| Negative
| Negative
| Near 0 (est.)
| Trend toward improvement as revenues catch up with expenses.
|-
| Fronting
| Venture funding received
| A structure where an issuing insurer provides licensed paper and cedes most risk via reinsurance to another risk-bearing entity.
| ~$6 (est.)
| ~$34 (Series C)
| $185 + $20 (Series D & ext.)
| $3.7
| $0
| Total $295.7M raised. No further raises as of 2026.
|-
| SME / Mid-market
| Ending cash balance
| Revenue and complexity bands that vary by market; in At-Bay's disclosures, eligibility extends up to $5B revenue for expanded offerings.<ref name="expands"/>
| ND
| ND-
| MDR / EDR / XDR / MXDR
| ND (high)
| Managed (or endpoint / extended) detection and response capabilities; At-Bay commercializes MDR and MXDR via its security affiliate.<ref name="expands"/>
| ND (high)
| ND (adequate)
| Likely peaked after Series D (2021). Still significant, providing adequate runway.
|}
⚠️ '''Systemic risk watchpoint.''' A truly catastrophic cyber event affecting many At-Bay insureds simultaneously could create a short-term liquidity crunch depending on retentions. However, high reinsurance coverage, catastrophe modeling, and the ability to tap investors or debt markets if needed presumably mitigate this risk. At-Bay has managed its cash judiciously — raising large amounts when valuations were favorable, using them to build durable capabilities, and moving toward a model where internal cash generation funds operations.
{{Section separator}}
== Risk and compliance ==
=== Risk management framework ===
🏛️ '''Governance structure.''' The board of directors oversees risk strategy, with independent directors Gregg Davis and Rob Glanville (added in 2023) bringing insurance expertise to the carrier's governance.<ref name="carrier_intro"/> AM Best rated At-Bay's enterprise risk management (ERM) as "appropriate" for its risk profile, specifically highlighting the Active Risk Monitoring (ARM) approach that identifies portfolio issues in real-time.<ref name="ambest_initial"/> The company performs active catastrophe management — identifying potential systemic cyber events and quantifying portfolio exposure to inform underwriting guidelines.<ref name="ambest_initial"/>
🔬 '''Underwriting controls.''' At-Bay's underwriting is model-driven, with technical scan data automatically incorporated into the quote process. An internal underwriting committee reviews large or unusual risks, and pricing models are updated frequently as new threat data emerges. Claims management under Tara Bodden (General Counsel & Head of Claims)<ref name="about"/> not only pays claims but actively manages incidents to control costs, with a preferred response partners list ensuring quality and cost-efficiency.<ref name="about"/> Lessons from claims feed back into underwriting guidelines.
=== Regulatory and compliance ===
📜 '''Licensing and filings.''' At-Bay Insurance Services LLC is licensed as a producer in all 50 states and D.C.<ref name="homepage"/> At-Bay Specialty Insurance Company is eligible as a surplus lines insurer in 44 states.<ref name="ij_carrier">{{cite web |title=At-Bay Acquires Licensed P&C Insurance Carrier |url=https://www.insurancejournal.com/news/national/2023/01/24/704338.htm |publisher=Insurance Journal |date=2023-01-24}}</ref> The admitted cyber product is available in 47 states.<ref name="admitted_launch"/> As a carrier, At-Bay Specialty files NAIC annual statements and is subject to examination by Delaware regulators. The company maintains SOC 2 certification for data security compliance.<ref name="homepage"/>
=== Key risk categories ===
🌐 '''Cyber catastrophe / accumulation.''' This is arguably the top risk: a single event causing losses to a large swath of insureds simultaneously (e.g., a major cloud provider hack or widespread malware akin to NotPetya). At-Bay manages this by monitoring common dependencies, capping exposure, purchasing aggregate stop-loss reinsurance, and retaining limited net exposure. ERM explicitly addresses cyber catastrophe modeling.<ref name="ambest_initial"/>
📊 '''Attritional loss risk.''' Day-to-day claim frequency or severity higher than expected — such as a surge in ransomware targeting SMEs — poses ongoing risk. Average ransomware claim severity rose approximately 47% for mid-sized companies in 2024.<ref name="insursec_report"/> At-Bay mitigates through pricing adjustments, mandating controls, and reducing ransomware coverage retentions for MDR users.<ref name="homepage"/>
🏦 '''Capacity risk.''' At-Bay cedes the majority of risk to reinsurers. If a major capacity provider withdrew (as happened to Cowbell when Skyward Specialty exited),<ref name="stocker"/> At-Bay could face a capacity crunch. The company has mitigated this by diversifying across multiple reinsurers and establishing its own carrier. HSB/Munich Re increased commitment, indicating comfort with At-Bay's results.<ref name="trisura_launch"/>
🔒 '''Technology and data risks.''' At-Bay holds sensitive vulnerability data about clients' systems, making it a potential target for hackers. A breach of At-Bay's own systems would be reputationally devastating. The company maintains SOC 2 compliance and presumably invests heavily in internal cybersecurity.<ref name="homepage"/> Model risk — the possibility that the proprietary underwriting scoring algorithm has blind spots — is mitigated by continuous updates and expert underwriter oversight.
⚖️ '''Regulatory risk.''' Evolving insurance regulations, new privacy laws (CPRA, state-level GDPR analogues), potential bans on ransom payments by insurers, and possible federal cyber insurance backstops could alter the competitive landscape. At-Bay must also ensure OFAC compliance for ransom payments and maintain proper surplus lines documentation across all states.
🧑💼 '''Key person risk.''' Co-founders Rotem Iram and Roman Itskovich are closely associated with At-Bay's vision and risk approach. However, the company has built a broader executive team (President of Insurance, CFO, CUO, CTO, General Counsel) to mitigate succession risk. Retention of cybersecurity engineering talent — in a competitive market — is managed via equity incentives, mission-driven culture, and the Tel Aviv talent pipeline.
{{Section separator}}
== Governance and ESG ==
=== Governance structure ===
👥 '''Board composition.''' The Board of Directors of At-Bay, Inc. includes founder-executives, investor representatives (Preeti Rathi of Icon Ventures, Yoni Cheifetz of Lightspeed),<ref name="seriesd_pr"/> and — at the carrier level — independent directors Gregg Davis (former insurer CFO) and Rob Glanville (insurance investment specialist), added in 2023 to satisfy regulatory expectations and provide seasoned oversight.<ref name="carrier_intro"/> No single investor has overwhelming control; the governance structure is a typical VC syndicate where major investors and founders align on significant decisions.
🎯 '''Management incentives.''' Management and employees are compensated with salary plus equity (stock options), common for VC-backed companies. The management team is motivated by the prospect of an eventual liquidity event (IPO or acquisition). Retention mechanisms include standard vesting schedules, and the hire of experienced executives like CFO Ari Fischel (formerly of Oscar Health during its IPO) aligns management with profitability and public-market readiness objectives.<ref name="ij_rating"/>
=== ESG profile ===
🌍 '''Environmental.''' As a service- and software-centric company, At-Bay's direct environmental footprint is minimal (a few offices, travel, cloud computing usage). The company has not highlighted specific climate or environmental initiatives.
🤲 '''Social.''' At-Bay's business model has a positive social dimension: it helps SMBs manage cyber risk, providing tools and guidance plus financial protection to keep small businesses operational after incidents. The company's admitted product for micro-SMEs exemplifies an effort to close the cyber protection gap.<ref name="admitted_launch"/> The workforce is geographically diverse across San Francisco, New York, Tel Aviv, and other offices, with a remote-first approach noted for Los Angeles.<ref name="about"/>
🏢 '''Governance (ESG context).''' The carrier's board now includes independent directors, approaching near-public company governance standards. Internal codes of conduct presumably govern handling of sensitive data and conflicts of interest. At-Bay publishes semi-transparent performance data through research reports (InsurSec Report, Email Security Rankings),<ref name="insursec_report"/><ref name="about"/> contributing industry-wide data to the understanding of cyber trends. No ESG controversies, discrimination suits, data misuse incidents, or regulatory fines have been reported.
{{Section separator}}
== Capital actions ==
=== Equity funding rounds ===
🌱 '''Seed through Series C.''' At-Bay secured seed funding around 2016–2017 from early backers including Lightspeed Venture Partners, Glilot Capital, and angel investor Shlomo Kramer (estimated $2–5 million).<ref name="about"/> Series A followed in 2018 (Lightspeed, Khosla Ventures; estimated $6–8 million),<ref name="tracxn">{{cite web |title=At-Bay - 2026 Company Profile |url=https://tracxn.com/d/companies/at-bay/__4_DW31MdO2UHzG-BGWan8zNGnZIjKtyWSkTy7RAzFZg |publisher=Tracxn}}</ref> and Series B in mid-2019 (~$13 million, reportedly led by Khosla Ventures). In December 2020, At-Bay raised $34 million in Series C led by Qumra Capital with participation from M12 (Microsoft's Venture Fund) and all existing investors, bringing total funding to approximately $74 million.<ref name="tc_seriesc"/>
🦄 '''Series D and unicorn status.''' In July 2021, At-Bay closed a $185 million Series D at a $1.35 billion post-money valuation, co-led by Icon Ventures and Lightspeed with participation from all major existing backers.<ref name="reuters_seriesd"/><ref name="seriesd_pr"/> This made At-Bay a unicorn and was one of the largest cyber insurtech funding rounds at the time. In October 2021, a $20 million extension was raised from new investor ION Crossover Partners at the same $1.35 billion valuation, bringing total Series D funding to $205 million and cumulative funding to $292 million.<ref name="seriesd_ext"/> ION's Jonathan Kolodny noted At-Bay's opportunity to redesign insurance and help reach "successful outcomes."<ref name="seriesd_ext"/>
💼 '''Recent capital activity.''' In September 2022, At-Bay raised approximately $3.7 million in an undisclosed venture round, bringing total official funding to $295.7 million.<ref name="equitybee"/><ref name="about"/> The small size relative to prior rounds suggests it was a strategic investment or insider top-up rather than a cash-necessity raise. The last known valuation remains $1.35 billion (mid-2021). No further equity raises have occurred as of 2026; the company appears to be managing within its means and preparing for an eventual IPO or other liquidity event.
=== Investor base ===
🏢 '''Diversified syndicate.''' The investor mix is well-rounded: top-tier Sand Hill Road VCs (Lightspeed, Khosla), corporate venture (M12/Microsoft, Munich Re Ventures), Israeli VCs (Glilot, Qumra), and a crossover fund (ION Crossover). Munich Re Ventures is a notable strategic investor — not only investing in multiple rounds but also providing capacity via HSB, aligning underwriting and investment interests.<ref name="reuters_seriesd"/> Founders likely retain approximately 20%+ combined ownership after dilution across eight rounds, though exact stakes are undisclosed. ION Crossover's presence as a late-stage specialist suggests the company had been eyeing public markets.
=== Path to liquidity ===
🚀 '''Exit considerations.''' The preferred path appears to be an IPO, given ION Crossover's involvement (crossover funds typically invest one to two years pre-IPO) and the high valuation. Market conditions delayed many fintech IPOs post-2022, and At-Bay will likely target profitability or near-profitability before going public, differentiating from earlier loss-making insurtech IPOs (Lemonade, Root). Acquisition by a large insurer or reinsurer remains a theoretical alternative, though At-Bay's strong independent position and investor expectations for a billion-dollar-plus exit make this less likely. No dividends or distributions have been made; all funds are reinvested into growth.
{{Section separator}}
== Key timeline ==
* '''2016:''' At-Bay founded in Tel Aviv and San Francisco by Rotem Iram and Roman Itskovich. Incorporated in Delaware as At-Bay, Inc.<ref name="carrier_intro"/>
* '''2017:''' Seed funding raised from Lightspeed, Glilot Capital, and Shlomo Kramer (estimated few million USD).<ref name="about"/>
* '''2018:''' Series A funding (Lightspeed, Khosla). First capacity partnership secured with Hartford Steam Boiler (HSB, A++ rated).<ref name="seriesd_ext"/>
* '''Q1 2019:''' First cyber policies written (surplus lines) in select states, targeting tech startups and professional services.
* '''Mid-2019:''' Series B (~$13M, reportedly led by Khosla Ventures). Surplus lines approvals expanded countrywide.
* '''Dec 2020:''' Series C ($34M) led by Qumra Capital; M12 (Microsoft) joins as new investor.<ref name="tc_seriesc"/> GWP approximately $40M; ~1,000 customers.
* '''H1 2021:''' Reported 800% YoY premium growth and $160M annual recurring premium run-rate. Ransomware claim frequency 7× lower than industry.<ref name="reuters_seriesd"/><ref name="seriesd_ext"/> Microsoft collaboration announced in June 2021.<ref name="seriesd_ext"/>
* '''Jul 2021:''' Series D ($185M) at $1.35B valuation — unicorn status. Co-led by Icon Ventures and Lightspeed.<ref name="reuters_seriesd"/>
* '''Sep 2021:''' Miscellaneous Professional Liability (MPL) product launched via API.<ref name="mpl_launch">{{cite web |title=At-Bay Expands Insurance Offerings With Launch of Miscellaneous Professional Liability |url=https://www.at-bay.com/press_releases/at-bay-expands-offering-with-mpl/ |publisher=At-Bay |date=September 2021}}</ref>
* '''Oct 2021:''' Series D extension ($20M) from ION Crossover Partners. Total funding $292M.<ref name="seriesd_ext"/>
* '''Jan 2022:''' Trisura-fronted program launched; HSB increases capital commitment; captive reinsurance formed. At-Bay retains risk for the first time.<ref name="trisura_launch"/>
* '''Mid/Late 2022:''' Admitted cyber product launched in 47 states via digital channels.<ref name="admitted_launch"/> GWP exceeds $380M ARR; ~30,000 policyholders.<ref name="ij_rating"/>
* '''Sep 2022:''' Minor venture round ($3.7M). Total funding reaches $295.7M.<ref name="equitybee"/><ref name="about"/>
* '''Jan 2023:''' Acquisition of E&S carrier from AXA XL, renamed At-Bay Specialty Insurance Company. Licensed in 44 states for surplus lines.<ref name="carrier_intro"/><ref name="ij_carrier"/>
* '''Apr 2023:''' AM Best assigns Financial Strength Rating of A- (Excellent) with stable outlook. Ari Fischel hired as CFO.<ref name="ambest_initial"/><ref name="ij_rating"/>
* '''Mid-2023:''' At-Bay Specialty goes live, writing new and renewal policies on own carrier paper.
* '''Late 2023:''' Publication of 2025 InsurSec Report; 80% of ransomware claims traced to remote access tools.<ref name="insursec_report"/>
* '''2024:''' At-Bay Specialty ranks #4 among U.S. standalone cyber insurers by direct premium.<ref name="ambest_rankings"/> AM Best reaffirms A- rating.<ref name="ambest_reaffirm"/>
* '''2025:''' Over 40,000 policyholders across 100+ industries; 340+ employees; 1.5 million IT assets monitored.<ref name="homepage"/><ref name="about"/>
{{Section separator}}
== See also ==
* [[Cyber insurtech MGAs and underwriting agencies]]
{{Section separator}}
== References ==
{{reflist}}
|