Jump to content

At-Bay: Difference between revisions

From Insurer Brain
Browse history interactively
← Older edit
Content deleted Content added
VisualWikitext
No edit summary
No edit summary
 
Line 1: Line 1:
{{Infobox company
| name = At-Bay
| legal_name = At-Bay, Inc.
| logo = Logo of At-Bay.svg
| logo_size =
| logo_alt =
| logo_caption =
| type = Private — insurtech full-stack E&S carrier
| exchange =
| ticker =
| isin =
| lei =
| license_type = Property & casualty insurance agency and surplus lines broker (all 50 states and D.C.)
| npn =
| coverholder_ref =
| incorporation = Delaware
| founded = {{Start date and age|2016}}
| headquarter = San Francisco, California
| domicile = Delaware (carrier)
| insurance_jurisdictions = United States (E&S; carrier licensed in 44 states)
| regulator = Delaware Department of Insurance
| ultimate_parent = At-Bay, Inc.
| shareholders = Lightspeed Venture Partners<br/>Khosla Ventures<br/>Icon Ventures<br/>Munich Re Ventures<br/>M12<br/>Qumra Capital<br/>Acrew Capital<br/>ION Crossover Partners
| key_people = Rotem Iram, Co-founder and CEO<br/>Roman Itskovich, Co-founder and CRO<br/>Ken Riegler, President, Insurance Business<br/>Ari Fischel, CFO<br/>Ayelet Kutner, CTO<br/>Thom Dekens, Chief Business Officer and GM, Security Affiliate<br/>Tara Bodden, General Counsel and Head of Claims<br/>Joe Schiro, Chief HR Officer
| num_employees = 300+
| customer_segments = SMB, mid-market, and enterprise (revenue up to $5B)
| lines_of_business = Cyber<br/>Technology E&O<br/>MPL
| segments = Insurance<br/>Cybersecurity services
| products = Stance Exposure Management<br/>MDR / MXDR (via At-Bay Security, LLC)<br/>Security Report<br/>InsurSec packages
| technology_platform = Stance (exposure management, scanning, monitoring, AI-powered alerts, vCISO advisors)
| capacity_providers = At-Bay Specialty Insurance Company (own E&S carrier, AM Best A- stable)<br/>The Hartford Steam Boiler Inspection and Insurance Company (historical lead reinsurer)<br/>Trisura Specialty Insurance Company (historical fronting carrier)<br/>AXA SA (reinsurer)
| distribution = Wholesale brokers<br/>Digital channels<br/>Relay (multi-carrier digital marketplace, acquired)
| geographic_markets = United States
| num_customers = Close to 40,000 businesses
| competitors =
| market_share_rank =
| financial_year =
| market_cap =
| revenue =
| insurance_revenue =
| operating_income =
| ebitda =
| net_income = $1.29M (2023, carrier-level)
| gwp = $240M (2021 run-rate)<br/>$380M annual recurring GWP (January 2023)<br/>$154.5M (2023, carrier statutory-style)
| nwp =
| loss_ratio =
| combined_ratio = 98% (2023, carrier-level)
| commission_rate =
| total_assets =
| invested_assets =
| technical_reserves =
| csm =
| net_debt =
| equity =
| operating_margin =
| solvency_ratio =
| roe =
| total_funding = $292M
| last_round = Series D extension, $20M, October 2021
| last_valuation = $1.35B (July 2021)
| lead_investors = Lightspeed Venture Partners<br/>Khosla Ventures<br/>Icon Ventures<br/>Munich Re Ventures<br/>Qumra Capital
| capital_structure =
| ifsr = AM Best A- (stable, April 2023; reaffirmed August 2025)
| capacity_partner_ratings =
| ratings =
| footnotes = Financial figures mix company disclosures and statutory-style surplus lines reporting for the carrier; not audited group GAAP financials.
}}
{{Summary:At-Bay|5}}
{{More details}}
{{Section separator}}
== Corporate profile and regulatory footprint ==
== Corporate profile and regulatory footprint ==


🏢 '''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>
🏢 '''Parent and subsidiaries.''' At-Bay, Inc. is the parent holding company of the At-Bay group, referenced in statutory surplus lines reporting and company disclosures describing its subsidiaries.<ref name="fslso2024">{{cite web |title=At-Bay Specialty Insurance Company Insurer Financial Report |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 |publisher=Florida Surplus Lines Service Office |access-date=2026-03-09}}</ref> At-Bay Insurance Services LLC is a property and casualty insurance agency and surplus lines broker licensed in all 50 states and the District of Columbia.<ref name="atbay-website">{{cite web |title=At-Bay |url=https://www.at-bay.com/ |publisher=At-Bay |access-date=2026-03-09}}</ref><ref name="atbay-licenses">{{cite web |title=At-Bay Licenses |url=https://www.at-bay.com/licenses/ |publisher=At-Bay |access-date=2026-03-09}}</ref> At-Bay Security, LLC is a wholly owned subsidiary providing cybersecurity services including MDR and incident response, and does not provide insurance services.<ref name="atbay-overview">{{cite web |title=At-Bay Company Overview |url=https://www.at-bay.com/wp-content/uploads/2023/10/CompanyOverview2025Sept.pdf |publisher=At-Bay |date=September 2025 |access-date=2026-03-09}}</ref><ref name="atbay-expands">{{cite web |title=At-Bay Expands Cyber and Tech E&O Coverage |url=https://www.at-bay.com/press_releases/expands-cyber-tech-coverage/ |publisher=At-Bay |date=June 2024 |access-date=2026-03-09}}</ref>


📜 '''Carrier acquisition and 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>
🏛️ '''Risk-bearing carrier.''' At-Bay Specialty Insurance Company is a Delaware-domiciled excess and surplus lines property and casualty carrier identified with NAIC number 19607 and FEIN 75-1221488.<ref name="fslso2024"/> The carrier was acquired from XL Insurance America, Inc. and is licensed in 44 states.<ref name="atbay-issuing">{{cite web |title=At-Bay Begins Issuing Policies on Its Own Paper |url=https://www.at-bay.com/press_releases/at-bay-begins-issuing-policies-on-its-own-paper/ |publisher=At-Bay |date=August 2023 |access-date=2026-03-09}}</ref><ref name="atbay-carrier-acq">{{cite web |title=At-Bay Specialty Insurance Company Acquisition |url=https://www.at-bay.com/press_releases/at-bay-specialty-insurance-company/ |publisher=At-Bay |date=January 2023 |access-date=2026-03-09}}</ref> The carrier was formerly known as XL Select Insurance Company; Puerto Rico's insurance regulator issued a circular letter regarding the name change effective January 24, 2023.<ref name="fslso2024"/> The Delaware Department of Insurance published a notice of public hearing regarding the acquisition of control of XL Select Insurance Company by At-Bay, Inc.<ref name="delaware-doi">{{cite web |title=Public Hearing — Acquisition of Control of XL Select Insurance Company by At-Bay, Inc. |url=https://insurance.delaware.gov/wp-content/uploads/sites/15/2022/11/Public-Hearing-regarding-the-acquisition-of-control-of-or-Merger-with-XL-Select-Ins-Co-by-At-Bay-Inc.pdf |publisher=Delaware Department of Insurance |date=November 2022 |access-date=2026-03-09}}</ref>


🏛️ '''Domicile and 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"/>
📍 '''Domicile and offices.''' Multiple official documents identify Delaware as the domicile for the E&S carrier and Wilmington as the principal operating location.<ref name="fslso2024"/> The company maintains a globally distributed workforce with hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.<ref name="atbay-overview"/>

{| 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}}
{{Section separator}}

== Leadership and governance ==
== Leadership and governance ==


👤 '''CEO and co-founder.''' Rotem Iram co-founded At-Bay and serves as chief executive officer. His background includes service as Managing Director and COO at K2 Intelligence, a tenure at McKinsey & Company, and a captaincy in Israel's Unit 8200.<ref name="overview"/><ref name="seriesd">{{cite web |title=At-Bay Series D |url=https://www.at-bay.com/press_releases/series-d/ |publisher=At-Bay |date=July 2021}}</ref><ref name="cmseed">{{cite web |title=At-Bay Seed Funding |url=https://www.carriermanagement.com/news/2017/11/16/173153.htm |publisher=Carrier Management |date=16 November 2017}}</ref> He holds an MBA from Harvard Business School.<ref name="overview"/>
👤 '''Co-founders.''' Rotem Iram (co-founder and CEO) previously served as Managing Director and COO at K2 Intelligence, worked at McKinsey & Company, and served as a captain in Unit 8200. He holds an MBA from Harvard Business School.<ref name="atbay-overview"/><ref name="cm2017">{{cite web |title=At-Bay Raises $6 Million Seed Round |url=https://www.carriermanagement.com/news/2017/11/16/173153.htm |publisher=Carrier Management |date=16 November 2017 |access-date=2026-03-09}}</ref> Roman Itskovich (co-founder and CRO) previously served as VP of Financial Products at Ebury, was on the investment team at Bain Capital, and worked at McKinsey. He holds a BA from Tel Aviv University and an MBA from Harvard Business School.<ref name="atbay-overview"/> Additional co-founders Etai Hochman and Tilli Kalisky-Bannett have been identified in business press but are no longer in active leadership roles.<ref name="globes2021">{{cite web |title=Insurtech co At-Bay reaches unicorn status in $185m raise |url=https://en.globes.co.il/en/article-insurtech-co-at-bay-reaches-unicorn-status-in-185m-raise-1001379675 |publisher=Globes |date=July 2021 |access-date=2026-03-09}}</ref>


🏗️ '''Executive team.''' The leadership structure spans insurance and security operations. Ken Riegler serves as President of the insurance business, having previously served as AIG's President of North America General Insurance.<ref name="atbay-overview"/> Ari Fischel is CFO, with a prior CFO role at Capital Rx and finance leadership positions at Oscar Health, Nielsen, and General Electric.<ref name="atbay-overview"/><ref name="atbay-seriesd-ext">{{cite web |title=At-Bay Closes $20M Extension to Series D |url=https://www.at-bay.com/press_releases/at-bay-closes-20m-extension-to-series-d/ |publisher=At-Bay |date=October 2021 |access-date=2026-03-09}}</ref> Ayelet Kutner is CTO, having served as VP of Engineering at Forescout Technologies and head of platforms, SMB, and ICS products at Check Point Software Technologies.<ref name="atbay-overview"/> Thom Dekens is Chief Business Officer and GM of the security affiliate, with prior roles at Boston Consulting Group and in corporate development at Forescout.<ref name="atbay-overview"/>
🔬 '''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>


⚖️ '''Legal and people leadership.''' Tara Bodden is General Counsel and Head of Claims, previously SVP of Cyber/Technology/Media/Entertainment at Hiscox USA.<ref name="atbay-overview"/> Joe Schiro is Chief HR Officer, with a prior Head of People role at Tally.<ref name="atbay-overview"/>
👥 '''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"/>


🪑 '''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"/>
📋 '''Board and governance.''' Preeti Rathi of Icon Ventures joined the board in conjunction with the Series D financing.<ref name="atbay-seriesd">{{cite web |title=At-Bay Raises $185 Million Series D |url=https://www.at-bay.com/press_releases/series-d/ |publisher=At-Bay |date=July 2021 |access-date=2026-03-09}}</ref> Gregg Davis and Rob Glanville joined the carrier as independent directors following its acquisition.<ref name="atbay-carrier-acq"/><ref name="atbay-overview"/> David Lockton has been referenced in board member or observer roles across At-Bay releases.<ref name="atbay-issuing"/>


{{Section separator}}
{{Section separator}}
== Funding and ownership ==


{| class="wikitable sortable" width="100%" style="font-size:0.85em"
== Funding and ownership signals ==
|+ 💰 At-Bay equity funding rounds, cumulative totals, and valuations (USD)

💰 '''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"/>

{| class="wikitable sortable" style="width:100%; font-size:0.85em"
|+ 💵 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" | Round
! scope="col" style="text-align:center" | Date
! scope="col" style="text-align:center" | Date
Line 58: Line 101:
! scope="col" style="text-align:right; width:7em" | Cumulative funding
! 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
| 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 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 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 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
| 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
| Series D extension
| October 2021
| style="text-align:right" | $20M
| ION Crossover Partners
| —
| style="text-align:right" | $1.35B
| style="text-align:right" | $292M
|}
|}


💵 '''Total capital raised.''' At-Bay has raised $292M in total equity capital across four rounds, with the Series D and its extension totaling $205M. The $1.35B post-money valuation from the 2021 financing remains the last disclosed figure.<ref name="atbay-overview"/><ref name="atbay-seriesd"/><ref name="cm2017"/><ref name="wsj2018">{{cite web |title=Khosla, Lightspeed Bet on Cyber Insurance |url=https://www.wsj.com/articles/khosla-lightspeed-bet-on-cyber-insurance-1525863600 |publisher=The Wall Street Journal |date=May 2018 |access-date=2026-03-09}}</ref><ref name="cm2020">{{cite web |title=At-Bay Raises $34M Series B |url=https://www.carriermanagement.com/news/2020/02/20/203467.htm |publisher=Carrier Management |date=20 February 2020 |access-date=2026-03-09}}</ref><ref name="techcrunch2020">{{cite web |title=Cyber insurance startup At-Bay raises $34M Series C, adds M12 as a new investor |url=https://techcrunch.com/2020/12/08/cyber-insurance-startup-at-bay-raises-34m-series-c-adds-m12-as-a-new-investor/ |publisher=TechCrunch |date=8 December 2020 |access-date=2026-03-09}}</ref><ref name="ibm2020">{{cite web |title=At-Bay raises $34 million in Series C round |url=https://www.insurancebusinessmag.com/us/news/cyber/atbay-raises-34-million-in-series-c-round-241883.aspx |publisher=Insurance Business Magazine |access-date=2026-03-09}}</ref><ref name="atbay-seriesd-ext"/>
{{Section separator}}


🧩 '''Investor composition.''' The investor base combines generalist growth and early-stage venture funds, a strategic reinsurer venture arm (Munich Re Ventures), and a strategic corporate venture fund (M12, Microsoft's venture arm).<ref name="atbay-seriesd"/>

{{Section separator}}
== Customer segments and underwriting scope ==
== Customer segments and underwriting scope ==


🏬 '''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"/>
🎯 '''Target segments.''' At-Bay serves close to 40,000 businesses in the United States with revenue up to $5B, framing its primary constituency as SMB.<ref name="atbay-overview"/> In June 2024, the company expanded its E&S cyber and tech E&O offering to cover businesses with up to $5B in revenue and aggregate limits up to $10M.<ref name="atbay-expands"/> A January 2023 carrier acquisition announcement cited more than 26,000 insureds at that time.<ref name="atbay-carrier-acq"/>


📊 '''Customer mix.''' The 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"/>
📊 '''Customer mix.''' The book is SMB-heavy by count but increasingly extends into mid-market and enterprise segments by eligibility and limit architecture. SMB emphasis is reflected in At-Bay's positioning of its integrated InsurSec offering and large policyholder counts.<ref name="atbay-overview"/> Mid-market and larger-risk capability is supported by the higher revenue ceiling and aggregate limits, as well as At-Bay's capacity to write primary and excess cyber and tech E&O.<ref name="atbay-expands"/>


🚫 '''Industry restrictions.''' At-Bay 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>
🚫 '''Industry restrictions.''' At-Bay's ransomware supplemental application indicates certain restricted industries such as gambling, adult content, and cannabis.<ref name="atbay-ransomware-app">{{cite web |title=At-Bay Ransomware Supplemental Application |url=https://www.at-bay.com/wp-content/uploads/2024/02/AB-CYB-RWS-_-Ransomware-Supplemental-Application.pdf |publisher=At-Bay |access-date=2026-03-09}}</ref>


{{Section separator}}
{{Section separator}}

== Policy coverage and claims services ==
== Policy coverage and claims services ==


📋 '''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"/>
📜 '''Policy structure.''' At-Bay's published Cyber Insurance Policy Form AB‑CYB‑001.2 (08/2023) is underwritten by At-Bay Specialty Insurance Company. The form uses a modular structure with multiple Insuring Agreements comprising third-party liability and first-party event costs, subject to an aggregate limit and sub-limits shown in declarations.<ref name="atbay-policyform">{{cite web |title=At-Bay Cyber Insurance Policy Form AB-CYB-001.2 |url=https://www.at-bay.com/wp-content/uploads/2023/06/Cyber-Insurance-Policy-Form.pdf |publisher=At-Bay |date=August 2023 |access-date=2026-03-09}}</ref> Third-party coverages operate on a claims-made basis; first-party coverages are tied to events first discovered or disruptions first occurring during the policy period.<ref name="atbay-policyform"/>


🛡️ '''First-party coverages.''' The policy 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"/>
🛡️ '''First-party coverages.''' The policy form provides incident response and recovery costs comprising Technical Response Loss, Legal Services Loss, Public Relations Loss, Notification Loss, Reward Expense Loss, Credit Monitoring Loss, Data Recovery Loss, and System Restoration Loss across information privacy and network security events.<ref name="atbay-policyform"/> Business interruption coverage includes both direct and contingent business interruption with Business Interruption Loss and Extra Expense. Cyber extortion coverage addresses Extortion Loss tied to an Extortion Threat first discovered during the policy period. Financial fraud coverage encompasses Social Engineering (Fraudulent Inducement Loss) and Computer Fraud (Computer Crimes Loss).<ref name="atbay-policyform"/>


⚖️ '''Third-party coverages.''' 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"/>
⚖️ '''Third-party coverages.''' Insuring Agreements include Information Privacy Liability, Regulatory Liability (explicitly including GDPR Penalties, Regulatory Penalties, and Regulatory Assessments and Expenses), PCI-DSS Liability, Network Security Liability, and Media Liability with a separate media event response component.<ref name="atbay-policyform"/>


🔒 '''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"/>
⚠️ '''Key exclusions.''' The policy includes a War exclusion applying to Loss, Damages, or Claim Expenses arising out of war, invasion, acts of foreign enemies, and hostilities, with no carve-back language visible in the exclusion section. An Infrastructure exclusion covers electrical and mechanical failures and outages by service providers, with carve-backs for systems under the insured's direct operational control and certain privacy/network wrongful-act scenarios. A Prior Acts exclusion applies to third-party coverage tied to a retroactive date and subsidiary status.<ref name="atbay-policyform"/>


🔧 '''Claims 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>
🔧 '''Claims handling.''' At-Bay's Response & Recovery team of digital forensics and incident recovery experts is integrated with its claims process, providing in-house incident response capability.<ref name="atbay-security">{{cite web |title=At-Bay Security |url=https://www.at-bay.com/security/ |publisher=At-Bay |access-date=2026-03-09}}</ref>


{{Section separator}}
{{Section separator}}

== Cybersecurity services and technology stack ==
== Cybersecurity services and technology stack ==


🔒 '''InsurSec model.''' At-Bay positions itself as an InsurSec company combining insurance with security tooling and human services. As part of the quote process, it provides a Security Report including cyber risk analysis, industry data, and security recommendations.<ref name="atbay-security"/><ref name="atbay-secreport">{{cite web |title=At-Bay Security Report |url=https://www.at-bay.com/security-report/ |publisher=At-Bay |access-date=2026-03-09}}</ref> The Stance Exposure Management platform provides scanning and monitoring of digital assets, prioritization of exposures, and access to Cyber Advisors.<ref name="atbay-exposure">{{cite web |title=At-Bay Stance Exposure Manager |url=https://www.at-bay.com/security/exposure-manager/ |publisher=At-Bay |access-date=2026-03-09}}</ref>
🔐 '''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"/>

📝 '''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>


🖥️ '''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"/>
📡 '''Continuous monitoring and in-force services.''' At-Bay's security platform includes vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisors, and security awareness training.<ref name="atbay-website"/> Enhancements include security awareness training and integrations for Microsoft and Google email platforms within the Stance offering.<ref name="atbay-enhancements">{{cite web |title=Enhancements to At-Bay's Unified Security Platform |url=https://www.at-bay.com/press_releases/enhancements-to-innovative-unified-security-platform/ |publisher=At-Bay |access-date=2026-03-09}}</ref> Access to Stance Exposure Management is available to surplus cyber and tech E&O policyholders via an Embedded Security Fee and endorsement.<ref name="atbay-enhancements"/>


🛰️ '''MDR and MXDR.''' MDR services are provided 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>
🖥️ '''MDR and MXDR.''' MDR services are provided via At-Bay Security, LLC, offered separately from insurance coverage and not limited to policyholders.<ref name="atbay-website"/> A June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 monitoring via a Security Operations Center.<ref name="atbay-expands"/> In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne.<ref name="atbay-mxdr">{{cite web |title=At-Bay Launches New MXDR Platform |url=https://www.at-bay.com/press_releases/at-bay-launches-new-mxdr-platform/ |publisher=At-Bay |date=July 2025 |access-date=2026-03-09}}</ref>


{{Section separator}}
{{Section separator}}
== Distribution and partnerships ==


🤝 '''Distribution architecture.''' At-Bay distributes through wholesale brokers and digital channels.<ref name="atbay-carrier-acq"/> The company operates a dedicated broker platform and pursues an API distribution strategy, reinforced by its acquisition of Relay, a multi-carrier digital distribution marketplace intended to remain operationally independent while complementing At-Bay's digital distribution approach.<ref name="atbay-relay">{{cite web |title=At-Bay Acquires Relay to Accelerate the Future of Specialty Insurance |url=https://www.at-bay.com/press_releases/at-bay-acquires-relay-to-accelerate-the-future-of-specialty-insurance/ |publisher=At-Bay |date=August 2022 |access-date=2026-03-09}}</ref>
== Distribution, partnerships, and competitive positioning ==


🏗️ '''Capacity and reinsurance evolution.''' In Phase 1 (pre-carrier issuance), At-Bay launched a program in May 2022 backed by Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler Inspection and Insurance Company as largest capital provider and lead reinsurer, with additional capacity from a reinsurance panel placed by Guy Carpenter that included Skyward Specialty Insurance Group. At-Bay also formed a captive reinsurance company as part of this structure.<ref name="atbay-trisura">{{cite web |title=At-Bay Launches Trisura-Fronted Cyber Program |url=https://www.at-bay.com/press_releases/at-bay-launches-trisura-fronted-cyber-program-as-hsb-increases-capital-commitment/ |publisher=At-Bay |date=May 2022 |access-date=2026-03-09}}</ref> In Phase 2, At-Bay completed its acquisition of At-Bay Specialty Insurance Company in January 2023 and began issuing cyber and tech E&O policies on its own Delaware-based E&S carrier paper in August 2023, finalizing the transition to a full-stack carrier.<ref name="atbay-carrier-acq"/><ref name="atbay-issuing"/>
🌐 '''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>


⭐ '''Carrier rating.''' At-Bay Specialty Insurance Company received an A- rating from AM Best in April 2023 with a stable outlook.<ref name="ambest2023">{{cite web |title=AM Best Assigns Rating to At-Bay Specialty Insurance Company |url=https://news.ambest.com/newscontent.aspx?altsrc=23&refnum=249043 |publisher=AM Best |date=19 April 2023 |access-date=2026-03-09}}</ref><ref name="atbay-issuing"/> AM Best reaffirmed the A- rating with stable outlook in August 2025.<ref name="atbay-ambest-reaffirm">{{cite web |title=AM Best Reaffirms At-Bay Carrier Rating |url=https://www.at-bay.com/press_releases/am-best-reaffirms-carrier-rating/ |publisher=At-Bay |date=August 2025 |access-date=2026-03-09}}</ref>
🌍 '''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"/>


🏆 '''Competitive positioning.''' At-Bay frames its differentiation around the combined insurance and security model, claiming it can reduce loss frequency by proactively identifying and helping remediate exposures.<ref name="atbay-security"/> The transition from MGA/fronted structures to issuing on its own E&S paper is positioned as increasing agility and financial stability for brokers and customers.<ref name="atbay-issuing"/>
🏗️ '''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"/>

⭐ '''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>

🏆 '''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"/>


{{Section separator}}
{{Section separator}}
== Financial performance ==


{| class="wikitable sortable" width="100%" style="font-size:0.85em"
== Financial signals and risk factors ==
|+ 📊 At-Bay key financial indicators from company disclosures and carrier statutory-style reporting (USD)

! scope="col" style="text-align:center" | KPI
📈 '''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"/>
! scope="col" style="text-align:right; width:9em" | Most recent figure

! scope="col" style="text-align:right; width:7em" | Prior year
💼 '''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"/>

{| class="wikitable sortable" style="width:100%; font-size:0.85em"
|+ 📊 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
! scope="col" style="text-align:right; width:8em" | Most recent figure
! scope="col" style="text-align:right; width:8em" | Prior year
! scope="col" style="text-align:center" | Source
! scope="col" style="text-align:center" | Source
|-
|-
| GWP (company-stated run-rate) || style="text-align:right" | $240M (2021) || style="text-align:right" | — || At-Bay press release (May 2022)
| GWP (group run-rate)
| style="text-align:right" | $240M (2021)
| style="text-align:right" | —
| At-Bay press release (May 2022)
|-
|-
| GWP growth rate (YoY) || style="text-align:right" | 600% (2021 vs. prior year) || style="text-align:right" | — || At-Bay press release (May 2022)
| GWP growth rate (YoY)
| style="text-align:right" | 600% (2021)
| style="text-align:right" | —
| At-Bay press release (May 2022)
|-
|-
| Policy count (in force) || style="text-align:right" | 26,000+ insureds (January 2023) || style="text-align:right" | — || At-Bay carrier acquisition announcement
| Policy count (in force)
| style="text-align:right" | 26,000+ (Jan 2023)
| style="text-align:right" | —
| At-Bay carrier acquisition announcement
|-
|-
| Carrier gross premium (statutory)
| Carrier gross premium (statutory-style) || style="text-align:right" | $154.5M (2023) || style="text-align:right" | $0 (2022) || Florida surplus lines servicing report
| style="text-align:right" | $154.5M (2023)
| style="text-align:right" | $0 (2022)
| Florida surplus lines servicing report
|-
|-
| Carrier combined ratio || style="text-align:right" | 98% (2023) || style="text-align:right" | — || Florida surplus lines servicing report
| Carrier combined ratio
| style="text-align:right" | 98% (2023)
| style="text-align:right" | —
| Florida surplus lines servicing report
|-
|-
| Carrier net income || style="text-align:right" | $1.29M (2023) || style="text-align:right" | $0.69M (2022) || Florida surplus lines servicing report
| Carrier net income
| style="text-align:right" | $1.29M (2023)
| style="text-align:right" | $0.69M (2022)
| Florida surplus lines servicing report
|-
|-
| Headcount || style="text-align:right" | 300+ || style="text-align:right" | — || At-Bay company overview
| Headcount
| style="text-align:right" | 300+
| style="text-align:right" | —
| Company overview
|}
|}


📈 '''Premium trajectory.''' At-Bay's disclosed premium scale moved from $240M in 2021 GWP run-rate to annual recurring gross written premium of $360M in 2022 and $380M as of the January 2023 carrier acquisition announcement.<ref name="atbay-trisura"/><ref name="atbay-carrier-acq"/> Carrier statutory-style reporting shows material written premium appearing in 2023, consistent with the transition toward issuing on At-Bay Specialty Insurance Company paper.<ref name="fslso2024"/>
⚠️ '''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"/>


💹 '''Carrier profitability.''' Carrier-level reporting shows positive net income in 2022 ($0.69M) and 2023 ($1.29M) with a 2023 combined ratio of 98%, indicating marginally profitable underwriting on a statutory basis.<ref name="fslso2024"/>
🌊 '''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"/>


{{Section separator}}
📜 '''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"/>
== Risk factors ==

🔄 '''Reinsurance dependency.''' Although At-Bay has moved to issuing on its own E&S carrier, its disclosed and implied structures still rely heavily on reinsurance and program-type capital provision, as evidenced by disclosures naming a lead reinsurer in the prior fronted structure and carrier reporting listing major reinsurers.<ref name="atbay-trisura"/><ref name="fslso2024"/>

🌐 '''Systemic cyber aggregation.''' At-Bay's product scope includes first-party business interruption, extortion, and other coverages that can aggregate in systemic events. The policy form and product disclosures confirm these coverages exist; scenario-specific aggregation controls are not publicly detailed.<ref name="atbay-policyform"/>

🏛️ '''Regulatory risk.''' At-Bay's evolution includes a regulated change-of-control process for the carrier through the Delaware Department of Insurance, illustrating the significance of regulatory approvals and ongoing oversight for corporate actions.<ref name="delaware-doi"/>


⚙️ '''Technology execution.''' 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"/>
⚙️ '''Technology execution risk.''' A material portion of At-Bay's differentiation depends on execution of security services, some embedded via endorsement and some sold through an affiliate. Operational failure, adverse customer outcomes, or vendor dependency — notably MDR technology powered by third parties — could affect underwriting outcomes and reputational standing.<ref name="atbay-enhancements"/>


🔗 '''Acquisition integration.''' The acquisition of Relay is framed as an integration into At-Bay's distribution strategy while keeping Relay operationally independent; governance and commercial alignment risks remain.<ref name="atbay-relay"/>
🔗 '''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}}
{{Section separator}}

== Strategy and outlook ==
== Strategy and outlook ==


🎯 '''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"/>
🎯 '''Three strategic pillars.''' At-Bay's public actions indicate a coherent strategy built on three operational pillars: vertical integration into risk bearing via acquisition of an E&S carrier and subsequent issuance on its own paper; integrated insurance and security via the Stance platform, embedded security economics, and separate MDR commercialization; and distribution modernization via broker platform and API strategy, reinforced by acquisition of Relay as a multi-carrier marketplace.<ref name="atbay-carrier-acq"/><ref name="atbay-enhancements"/><ref name="atbay-relay"/>


🛒 '''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>
📦 '''Product expansion.''' In October 2025, At-Bay launched InsurSec packages combining security and insurance enhancements tied to ransomware and financial fraud protection.<ref name="atbay-insursec">{{cite web |title=At-Bay Launches InsurSec Solutions for Ransomware and Financial Fraud |url=https://www.at-bay.com/press_releases/launches-industry-first-solutions-that-unlock-crucial-cyber-insurance-coverage-for-ransomware-and-financial-fraud/ |publisher=At-Bay |date=October 2025 |access-date=2026-03-09}}</ref> At-Bay has stated ambitions to expand into additional specialty lines beyond its current cyber, tech E&O, and MPL portfolio.<ref name="atbay-relay"/>


{{Section separator}}
{{Section separator}}

== Company timeline ==
== Company timeline ==


* 2016 — Company founded by Rotem Iram and Roman Itskovich, among others.<ref name="atbay-overview"/>
{| class="wikitable sortable" style="width:100%; font-size:0.85em"
* November 2017 — Seed financing of $6M led by Lightspeed Venture Partners.<ref name="cm2017"/>
|+ 📅 At-Bay, Inc. — corporate milestones, 2016–2025
* May 2018 — Series A financing of $13M led by Khosla Ventures and Lightspeed Venture Partners.<ref name="atbay-seriesa">{{cite web |title=Announcing our $13M Series A |url=https://medium.com/at-bay/announcing-our-13m-series-a-and-how-weve-been-redesigning-cyber-insurance-68b760bb1356 |publisher=At-Bay (Medium) |date=May 2018 |access-date=2026-03-09}}</ref>
! scope="col" style="text-align:center; width:7em" | Date
* February 2020 — Series B financing of $34M led by Munich Re Ventures and Acrew Capital.<ref name="cm2020"/>
! scope="col" style="text-align:center" | Event
* December 2020 — Series C financing of $34M led by Qumra Capital, with M12 joining.<ref name="techcrunch2020"/>
|-
* July 2021 — Series D financing of $185M at $1.35B valuation.<ref name="atbay-seriesd"/>
| 2016
| Company founded by Rotem Iram and Roman Itskovich (among others).<ref name="overview"/>
* October 2021 — $20M Series D extension with ION Crossover Partners.<ref name="atbay-seriesd-ext"/>
* May 2022 — Trisura-fronted cyber program launched; Hartford Steam Boiler disclosed as largest capital provider and lead reinsurer; At-Bay forms captive reinsurer; reinsurance placed by Guy Carpenter.<ref name="atbay-trisura"/>
|-
* August 2022 — MPL product launched and Relay acquired.<ref name="atbay-mpl">{{cite web |title=At-Bay Expands Offering with MPL |url=https://www.at-bay.com/press_releases/at-bay-expands-offering-with-mpl/ |publisher=At-Bay |date=August 2022 |access-date=2026-03-09}}</ref><ref name="atbay-relay"/>
| November 2017
* December 2022 — Delaware regulator notice of public hearing on acquisition of control of XL Select Insurance Company by At-Bay, Inc.<ref name="delaware-doi"/>
| Seed financing ($6M); early partnership with Hartford Steam Boiler described in reporting.<ref name="cmseed"/>
* January 24, 2023 — At-Bay completes acquisition of E&S carrier from XL Insurance America.<ref name="atbay-carrier-acq"/>
|-
* April 19, 2023 — AM Best assigns A- rating (stable outlook) to At-Bay Specialty Insurance Company.<ref name="ambest2023"/>
| May 2018
* August 2023 — At-Bay begins issuing cyber and tech E&O policies on its own E&S paper.<ref name="atbay-issuing"/>
| 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>
* June 2024 — E&S coverage expanded to businesses up to $5B revenue and aggregate limits up to $10M; MDR described as powered by CrowdStrike.<ref name="atbay-expands"/>
|-
* August 2025 — AM Best reaffirms A- rating with stable outlook.<ref name="atbay-ambest-reaffirm"/>
| February 2020
* October 2025 — InsurSec packages launched combining security and insurance enhancements for ransomware and financial fraud protection.<ref name="atbay-insursec"/>
| Series B financing ($34M).<ref name="cmsb"/>
|-
| December 2020
| 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>
|-
| July 2021
| Series D financing ($185M) at $1.35B valuation.<ref name="seriesd"/>
|-
| October 2021
| $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>
|-
| May 2022
| Trisura-fronted cyber program launched; HSB as largest capital provider and lead reinsurer; captive reinsurer formed; reinsurance placed by Guy Carpenter.<ref name="trisura"/>
|-
| August 2022
| MPL product launched; acquisition of Relay completed.<ref name="mpl"/><ref name="relay"/>
|-
| December 2022
| Delaware regulator notice of public hearing on acquisition of control of XL Select by At-Bay, Inc.<ref name="delhearing"/>
|-
| 24 January 2023
| Completion of acquisition of E&S carrier from XL Insurance America announced.<ref name="carrier"/>
|-
| 19 April 2023
| AM Best assigns A- rating (stable outlook) to At-Bay Specialty Insurance Company.<ref name="ambest"/>
|-
| August 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"/>
|}


{{Section separator}}
{{Section separator}}
== See also ==

* [[Cyber insurtech MGAs and underwriting agencies]]
== Glossary ==

{| class="wikitable" style="width:100%; font-size:0.85em"
|+ 📖 Selected terms
! scope="col" style="text-align:center; width:12em" | Term
! scope="col" style="text-align:center" | Definition
|-
| MGA / MGU
| Managed general agent / managing general underwriter; an entity with delegated underwriting authority from an insurer, with varying degrees of operational control.
|-
| Coverholder
| 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.
|-
| GWP / NWP
| Gross written premium (before reinsurance) / net written premium (retained after reinsurance).
|-
| Loss ratio / Combined ratio
| Loss ratio measures incurred losses divided by earned premium; combined ratio adds underwriting expenses. Values below 100% indicate underwriting profit.
|-
| Quota share / Excess of loss
| Reinsurance structures: proportional sharing of premiums and losses (quota share) versus coverage of losses above an attachment point (excess of loss).
|-
| Fronting
| A structure where an issuing insurer provides licensed paper and cedes most risk via reinsurance to another risk-bearing entity.
|-
| SME / Mid-market
| 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"/>
|-
| MDR / EDR / XDR / MXDR
| Managed (or endpoint / extended) detection and response capabilities; At-Bay commercializes MDR and MXDR via its security affiliate.<ref name="expands"/>
|}


{{Section separator}}
{{Section separator}}

== References ==
== References ==
{{reflist}}
{{reflist}}

Latest revision as of 14:01, 9 March 2026

At-Bay
At-Bay, Inc.
Corporate identity
TypePrivate — insurtech full-stack E&S carrier
License typeProperty & casualty insurance agency and surplus lines broker (all 50 states and D.C.)
IncorporationDelaware
Founded2016; 10 years ago (2016)
HeadquartersSan Francisco, California
DomicileDelaware (carrier)
Licensed jurisdictionsUnited States (E&S; carrier licensed in 44 states)
RegulatorDelaware Department of Insurance
Ultimate parentAt-Bay, Inc.
Major shareholdersLightspeed Venture Partners
Khosla Ventures
Icon Ventures
Munich Re Ventures
M12
Qumra Capital
Acrew Capital
ION Crossover Partners
Key peopleRotem Iram, Co-founder and CEO
Roman Itskovich, Co-founder and CRO
Ken Riegler, President, Insurance Business
Ari Fischel, CFO
Ayelet Kutner, CTO
Thom Dekens, Chief Business Officer and GM, Security Affiliate
Tara Bodden, General Counsel and Head of Claims
Joe Schiro, Chief HR Officer
Number of employees300+
Business & markets
Customer segmentsSMB, mid-market, and enterprise (revenue up to $5B)
Lines of businessCyber
Technology E&O
MPL
Business segmentsInsurance
Cybersecurity services
Main products & servicesStance Exposure Management
MDR / MXDR (via At-Bay Security, LLC)
Security Report
InsurSec packages
Technology platformStance (exposure management, scanning, monitoring, AI-powered alerts, vCISO advisors)
Capacity providersAt-Bay Specialty Insurance Company (own E&S carrier, AM Best A- stable)
The Hartford Steam Boiler Inspection and Insurance Company (historical lead reinsurer)
Trisura Specialty Insurance Company (historical fronting carrier)
AXA SA (reinsurer)
DistributionWholesale brokers
Digital channels
Relay (multi-carrier digital marketplace, acquired)
Geographic marketsUnited States
Customers servedClose to 40,000 businesses
Key financials
Net income$1.29M (2023, carrier-level)
Gross written premium$240M (2021 run-rate)
$380M annual recurring GWP (January 2023)
$154.5M (2023, carrier statutory-style)
Combined ratio98% (2023, carrier-level)
Total funding raised$292M
Last funding roundSeries D extension, $20M, October 2021
Last known valuation$1.35B (July 2021)
Lead investorsLightspeed Venture Partners
Khosla Ventures
Icon Ventures
Munich Re Ventures
Qumra Capital
Insurer financial strengthAM Best A- (stable, April 2023; reaffirmed August 2025)
Financial figures mix company disclosures and statutory-style surplus lines reporting for the carrier; not audited group GAAP financials.

🏢 At-Bay is a U.S.-based insurtech founded in 2016 that underwrites cyber, technology E&O, and MPL through its Delaware-domiciled E&S carrier, At-Bay Specialty Insurance Company, rated AM Best A- stable. The company transitioned from an MGA/fronted program to full-stack carrier status, completing its carrier acquisition from XL Insurance America in January 2023 and beginning to issue policies on its own paper in August 2023. Co-founded by Rotem Iram (CEO) and Roman Itskovich (CRO), both Harvard Business School graduates, At-Bay has raised $292M in venture capital at a $1.35B post-money valuation.

💰 Funding and investors. At-Bay raised $292M across six rounds from seed through a Series D extension, with the $185M Series D in July 2021 and a $20M extension in October 2021 setting the $1.35B valuation. The investor base spans generalist venture funds (Lightspeed Venture Partners, Khosla Ventures, Icon Ventures), a strategic reinsurer venture arm (Munich Re Ventures), and a corporate venture fund (M12), alongside growth investors Qumra Capital, Acrew Capital, and ION Crossover Partners.

🏗️ Carrier evolution. In its initial phase, At-Bay operated a fronted program launched in May 2022 with Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler as lead reinsurer, with reinsurance placed by Guy Carpenter. The transition to full-stack carrier status was completed through the acquisition of a Delaware-domiciled E&S carrier (formerly XL Select Insurance Company), which received an AM Best A- rating in April 2023, reaffirmed with stable outlook in August 2025.

🔒 InsurSec platform. At-Bay operates an integrated insurance-and-security model anchored by its Stance Exposure Management platform, providing vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisory, and security awareness training. Access to Stance is embedded in surplus cyber and tech E&O policies via an Embedded Security Fee and endorsement, while a pre-bind Security Report delivers cyber risk analysis and recommendations during the quoting process.

🖥️ Managed security services. MDR services are provided through subsidiary At-Bay Security, LLC, offered separately from insurance and not limited to policyholders; a June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 SOC monitoring. In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne, expanding its managed security product line alongside its in-house Response & Recovery digital forensics and incident response team.

📜 Policy coverage. The published cyber policy form (AB-CYB-001.2, 08/2023) uses a modular claims-made structure with first-party coverages including incident response costs, business interruption (direct and contingent), cyber extortion, and financial fraud (social engineering and computer fraud). Third-party Insuring Agreements cover information privacy liability, regulatory liability (including GDPR penalties), PCI-DSS liability, network security liability, and media liability, with notable exclusions for war, infrastructure failure, and prior acts.

📊 Financial performance. Carrier-level statutory reporting shows $154.5M in gross premium and a 98% combined ratio in 2023, with net income of $1.29M. Company-disclosed annual recurring GWP reached $380M as of January 2023, up from a $240M run-rate in 2021 that represented 600% year-over-year growth, and the company employs more than 300 people across hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.

🤝 Distribution and market. At-Bay distributes through wholesale brokers and digital channels, operating a dedicated broker platform and API strategy reinforced by its August 2022 acquisition of Relay, a multi-carrier digital distribution marketplace maintained as an operationally independent unit. The company serves close to 40,000 U.S. businesses, primarily SMB by count but extending to mid-market and enterprise through its expanded $5B revenue ceiling and $10M aggregate limit architecture.

⚠️ Risk factors. Key risk considerations include continued reliance on reinsurance despite the carrier transition, systemic cyber aggregation exposure across first-party coverages, regulatory scrutiny inherent in E&S underwriting and corporate control transactions, and technology execution risk tied to third-party vendor dependencies in MDR services. The Relay acquisition introduces integration risk as the platform is maintained operationally independent while being embedded within At-Bay's distribution strategy.

The following sections provide further details.

~*~

Corporate profile and regulatory footprint

🏢 Parent and subsidiaries. At-Bay, Inc. is the parent holding company of the At-Bay group, referenced in statutory surplus lines reporting and company disclosures describing its subsidiaries.[1] At-Bay Insurance Services LLC is a property and casualty insurance agency and surplus lines broker licensed in all 50 states and the District of Columbia.[2][3] At-Bay Security, LLC is a wholly owned subsidiary providing cybersecurity services including MDR and incident response, and does not provide insurance services.[4][5]

🏛️ Risk-bearing carrier. At-Bay Specialty Insurance Company is a Delaware-domiciled excess and surplus lines property and casualty carrier identified with NAIC number 19607 and FEIN 75-1221488.[1] The carrier was acquired from XL Insurance America, Inc. and is licensed in 44 states.[6][7] The carrier was formerly known as XL Select Insurance Company; Puerto Rico's insurance regulator issued a circular letter regarding the name change effective January 24, 2023.[1] The Delaware Department of Insurance published a notice of public hearing regarding the acquisition of control of XL Select Insurance Company by At-Bay, Inc.[8]

📍 Domicile and offices. Multiple official documents identify Delaware as the domicile for the E&S carrier and Wilmington as the principal operating location.[1] The company maintains a globally distributed workforce with hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.[4]

~*~

Leadership and governance

👤 Co-founders. Rotem Iram (co-founder and CEO) previously served as Managing Director and COO at K2 Intelligence, worked at McKinsey & Company, and served as a captain in Unit 8200. He holds an MBA from Harvard Business School.[4][9] Roman Itskovich (co-founder and CRO) previously served as VP of Financial Products at Ebury, was on the investment team at Bain Capital, and worked at McKinsey. He holds a BA from Tel Aviv University and an MBA from Harvard Business School.[4] Additional co-founders Etai Hochman and Tilli Kalisky-Bannett have been identified in business press but are no longer in active leadership roles.[10]

🏗️ Executive team. The leadership structure spans insurance and security operations. Ken Riegler serves as President of the insurance business, having previously served as AIG's President of North America General Insurance.[4] Ari Fischel is CFO, with a prior CFO role at Capital Rx and finance leadership positions at Oscar Health, Nielsen, and General Electric.[4][11] Ayelet Kutner is CTO, having served as VP of Engineering at Forescout Technologies and head of platforms, SMB, and ICS products at Check Point Software Technologies.[4] Thom Dekens is Chief Business Officer and GM of the security affiliate, with prior roles at Boston Consulting Group and in corporate development at Forescout.[4]

⚖️ Legal and people leadership. Tara Bodden is General Counsel and Head of Claims, previously SVP of Cyber/Technology/Media/Entertainment at Hiscox USA.[4] Joe Schiro is Chief HR Officer, with a prior Head of People role at Tally.[4]

📋 Board and governance. Preeti Rathi of Icon Ventures joined the board in conjunction with the Series D financing.[12] Gregg Davis and Rob Glanville joined the carrier as independent directors following its acquisition.[7][4] David Lockton has been referenced in board member or observer roles across At-Bay releases.[6]

~*~

Funding and ownership

💰 At-Bay equity funding rounds, cumulative totals, and valuations (USD)
Round Date Amount raised Lead investor(s) Notable co-investors Post-money valuation Cumulative funding
Seed November 2017 $6M Lightspeed Venture Partners Shlomo Kramer; LocalGlobe — $6M
Series A May 2018 $13M Khosla Ventures; Lightspeed Venture Partners Shlomo Kramer — $19M
Series B February 2020 $34M Munich Re Ventures; Acrew Capital Khosla Ventures; Lightspeed Venture Partners; Shlomo Kramer — $53M
Series C December 2020 $34M Qumra Capital M12; Acrew Capital; Munich Re Ventures; Khosla Ventures; Lightspeed Venture Partners — $87M
Series D July 2021 $185M Icon Ventures; Lightspeed Venture Partners Khosla Ventures; M12; Munich Re Ventures; Qumra Capital; Acrew Capital $1.35B $272M
Series D extension October 2021 $20M ION Crossover Partners — $1.35B $292M

💵 Total capital raised. At-Bay has raised $292M in total equity capital across four rounds, with the Series D and its extension totaling $205M. The $1.35B post-money valuation from the 2021 financing remains the last disclosed figure.[4][12][9][13][14][15][16][11]

🧩 Investor composition. The investor base combines generalist growth and early-stage venture funds, a strategic reinsurer venture arm (Munich Re Ventures), and a strategic corporate venture fund (M12, Microsoft's venture arm).[12]

~*~

Customer segments and underwriting scope

🎯 Target segments. At-Bay serves close to 40,000 businesses in the United States with revenue up to $5B, framing its primary constituency as SMB.[4] In June 2024, the company expanded its E&S cyber and tech E&O offering to cover businesses with up to $5B in revenue and aggregate limits up to $10M.[5] A January 2023 carrier acquisition announcement cited more than 26,000 insureds at that time.[7]

📊 Customer mix. The book is SMB-heavy by count but increasingly extends into mid-market and enterprise segments by eligibility and limit architecture. SMB emphasis is reflected in At-Bay's positioning of its integrated InsurSec offering and large policyholder counts.[4] Mid-market and larger-risk capability is supported by the higher revenue ceiling and aggregate limits, as well as At-Bay's capacity to write primary and excess cyber and tech E&O.[5]

🚫 Industry restrictions. At-Bay's ransomware supplemental application indicates certain restricted industries such as gambling, adult content, and cannabis.[17]

~*~

Policy coverage and claims services

📜 Policy structure. At-Bay's published Cyber Insurance Policy Form AB‑CYB‑001.2 (08/2023) is underwritten by At-Bay Specialty Insurance Company. The form uses a modular structure with multiple Insuring Agreements comprising third-party liability and first-party event costs, subject to an aggregate limit and sub-limits shown in declarations.[18] Third-party coverages operate on a claims-made basis; first-party coverages are tied to events first discovered or disruptions first occurring during the policy period.[18]

🛡️ First-party coverages. The policy form provides incident response and recovery costs comprising Technical Response Loss, Legal Services Loss, Public Relations Loss, Notification Loss, Reward Expense Loss, Credit Monitoring Loss, Data Recovery Loss, and System Restoration Loss across information privacy and network security events.[18] Business interruption coverage includes both direct and contingent business interruption with Business Interruption Loss and Extra Expense. Cyber extortion coverage addresses Extortion Loss tied to an Extortion Threat first discovered during the policy period. Financial fraud coverage encompasses Social Engineering (Fraudulent Inducement Loss) and Computer Fraud (Computer Crimes Loss).[18]

⚖️ Third-party coverages. Insuring Agreements include Information Privacy Liability, Regulatory Liability (explicitly including GDPR Penalties, Regulatory Penalties, and Regulatory Assessments and Expenses), PCI-DSS Liability, Network Security Liability, and Media Liability with a separate media event response component.[18]

⚠️ Key exclusions. The policy includes a War exclusion applying to Loss, Damages, or Claim Expenses arising out of war, invasion, acts of foreign enemies, and hostilities, with no carve-back language visible in the exclusion section. An Infrastructure exclusion covers electrical and mechanical failures and outages by service providers, with carve-backs for systems under the insured's direct operational control and certain privacy/network wrongful-act scenarios. A Prior Acts exclusion applies to third-party coverage tied to a retroactive date and subsidiary status.[18]

🔧 Claims handling. At-Bay's Response & Recovery team of digital forensics and incident recovery experts is integrated with its claims process, providing in-house incident response capability.[19]

~*~

Cybersecurity services and technology stack

🔒 InsurSec model. At-Bay positions itself as an InsurSec company combining insurance with security tooling and human services. As part of the quote process, it provides a Security Report including cyber risk analysis, industry data, and security recommendations.[19][20] The Stance Exposure Management platform provides scanning and monitoring of digital assets, prioritization of exposures, and access to Cyber Advisors.[21]

📡 Continuous monitoring and in-force services. At-Bay's security platform includes vulnerability scanning, dark web monitoring, AI-powered email fraud alerts, vCISO advisors, and security awareness training.[2] Enhancements include security awareness training and integrations for Microsoft and Google email platforms within the Stance offering.[22] Access to Stance Exposure Management is available to surplus cyber and tech E&O policyholders via an Embedded Security Fee and endorsement.[22]

🖥️ MDR and MXDR. MDR services are provided via At-Bay Security, LLC, offered separately from insurance coverage and not limited to policyholders.[2] A June 2024 announcement described enterprise-grade MDR powered by CrowdStrike with 24/7 monitoring via a Security Operations Center.[5] In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne.[23]

~*~

Distribution and partnerships

🤝 Distribution architecture. At-Bay distributes through wholesale brokers and digital channels.[7] The company operates a dedicated broker platform and pursues an API distribution strategy, reinforced by its acquisition of Relay, a multi-carrier digital distribution marketplace intended to remain operationally independent while complementing At-Bay's digital distribution approach.[24]

🏗️ Capacity and reinsurance evolution. In Phase 1 (pre-carrier issuance), At-Bay launched a program in May 2022 backed by Trisura Specialty Insurance Company as issuing carrier and The Hartford Steam Boiler Inspection and Insurance Company as largest capital provider and lead reinsurer, with additional capacity from a reinsurance panel placed by Guy Carpenter that included Skyward Specialty Insurance Group. At-Bay also formed a captive reinsurance company as part of this structure.[25] In Phase 2, At-Bay completed its acquisition of At-Bay Specialty Insurance Company in January 2023 and began issuing cyber and tech E&O policies on its own Delaware-based E&S carrier paper in August 2023, finalizing the transition to a full-stack carrier.[7][6]

⭐ Carrier rating. At-Bay Specialty Insurance Company received an A- rating from AM Best in April 2023 with a stable outlook.[26][6] AM Best reaffirmed the A- rating with stable outlook in August 2025.[27]

🏆 Competitive positioning. At-Bay frames its differentiation around the combined insurance and security model, claiming it can reduce loss frequency by proactively identifying and helping remediate exposures.[19] The transition from MGA/fronted structures to issuing on its own E&S paper is positioned as increasing agility and financial stability for brokers and customers.[6]

~*~

Financial performance

📊 At-Bay key financial indicators from company disclosures and carrier statutory-style reporting (USD)
KPI Most recent figure Prior year Source
GWP (company-stated run-rate) $240M (2021) — At-Bay press release (May 2022)
GWP growth rate (YoY) 600% (2021 vs. prior year) — At-Bay press release (May 2022)
Policy count (in force) 26,000+ insureds (January 2023) — At-Bay carrier acquisition announcement
Carrier gross premium (statutory-style) $154.5M (2023) $0 (2022) Florida surplus lines servicing report
Carrier combined ratio 98% (2023) — Florida surplus lines servicing report
Carrier net income $1.29M (2023) $0.69M (2022) Florida surplus lines servicing report
Headcount 300+ — At-Bay company overview

📈 Premium trajectory. At-Bay's disclosed premium scale moved from $240M in 2021 GWP run-rate to annual recurring gross written premium of $360M in 2022 and $380M as of the January 2023 carrier acquisition announcement.[25][7] Carrier statutory-style reporting shows material written premium appearing in 2023, consistent with the transition toward issuing on At-Bay Specialty Insurance Company paper.[1]

💹 Carrier profitability. Carrier-level reporting shows positive net income in 2022 ($0.69M) and 2023 ($1.29M) with a 2023 combined ratio of 98%, indicating marginally profitable underwriting on a statutory basis.[1]

~*~

Risk factors

🔄 Reinsurance dependency. Although At-Bay has moved to issuing on its own E&S carrier, its disclosed and implied structures still rely heavily on reinsurance and program-type capital provision, as evidenced by disclosures naming a lead reinsurer in the prior fronted structure and carrier reporting listing major reinsurers.[25][1]

🌐 Systemic cyber aggregation. At-Bay's product scope includes first-party business interruption, extortion, and other coverages that can aggregate in systemic events. The policy form and product disclosures confirm these coverages exist; scenario-specific aggregation controls are not publicly detailed.[18]

🏛️ Regulatory risk. At-Bay's evolution includes a regulated change-of-control process for the carrier through the Delaware Department of Insurance, illustrating the significance of regulatory approvals and ongoing oversight for corporate actions.[8]

⚙️ Technology execution risk. A material portion of At-Bay's differentiation depends on execution of security services, some embedded via endorsement and some sold through an affiliate. Operational failure, adverse customer outcomes, or vendor dependency — notably MDR technology powered by third parties — could affect underwriting outcomes and reputational standing.[22]

🔗 Acquisition integration. The acquisition of Relay is framed as an integration into At-Bay's distribution strategy while keeping Relay operationally independent; governance and commercial alignment risks remain.[24]

~*~

Strategy and outlook

🎯 Three strategic pillars. At-Bay's public actions indicate a coherent strategy built on three operational pillars: vertical integration into risk bearing via acquisition of an E&S carrier and subsequent issuance on its own paper; integrated insurance and security via the Stance platform, embedded security economics, and separate MDR commercialization; and distribution modernization via broker platform and API strategy, reinforced by acquisition of Relay as a multi-carrier marketplace.[7][22][24]

📦 Product expansion. In October 2025, At-Bay launched InsurSec packages combining security and insurance enhancements tied to ransomware and financial fraud protection.[28] At-Bay has stated ambitions to expand into additional specialty lines beyond its current cyber, tech E&O, and MPL portfolio.[24]

~*~

Company timeline

  • 2016 — Company founded by Rotem Iram and Roman Itskovich, among others.[4]
  • November 2017 — Seed financing of $6M led by Lightspeed Venture Partners.[9]
  • May 2018 — Series A financing of $13M led by Khosla Ventures and Lightspeed Venture Partners.[29]
  • February 2020 — Series B financing of $34M led by Munich Re Ventures and Acrew Capital.[14]
  • December 2020 — Series C financing of $34M led by Qumra Capital, with M12 joining.[15]
  • July 2021 — Series D financing of $185M at $1.35B valuation.[12]
  • October 2021 — $20M Series D extension with ION Crossover Partners.[11]
  • May 2022 — Trisura-fronted cyber program launched; Hartford Steam Boiler disclosed as largest capital provider and lead reinsurer; At-Bay forms captive reinsurer; reinsurance placed by Guy Carpenter.[25]
  • August 2022 — MPL product launched and Relay acquired.[30][24]
  • December 2022 — Delaware regulator notice of public hearing on acquisition of control of XL Select Insurance Company by At-Bay, Inc.[8]
  • January 24, 2023 — At-Bay completes acquisition of E&S carrier from XL Insurance America.[7]
  • April 19, 2023 — AM Best assigns A- rating (stable outlook) to At-Bay Specialty Insurance Company.[26]
  • August 2023 — At-Bay begins issuing cyber and tech E&O policies on its own E&S paper.[6]
  • June 2024 — E&S coverage expanded to businesses up to $5B revenue and aggregate limits up to $10M; MDR described as powered by CrowdStrike.[5]
  • August 2025 — AM Best reaffirms A- rating with stable outlook.[27]
  • October 2025 — InsurSec packages launched combining security and insurance enhancements for ransomware and financial fraud protection.[28]
~*~

See also

~*~

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "At-Bay Specialty Insurance Company Insurer Financial Report" (PDF). Florida Surplus Lines Service Office. Retrieved 2026-03-09.
  2. ↑ 2.0 2.1 2.2 "At-Bay". At-Bay. Retrieved 2026-03-09.
  3. ↑ "At-Bay Licenses". At-Bay. Retrieved 2026-03-09.
  4. ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 4.11 4.12 4.13 4.14 "At-Bay Company Overview" (PDF). At-Bay. September 2025. Retrieved 2026-03-09.
  5. ↑ 5.0 5.1 5.2 5.3 5.4 "At-Bay Expands Cyber and Tech E&O Coverage". At-Bay. June 2024. Retrieved 2026-03-09.
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 "At-Bay Begins Issuing Policies on Its Own Paper". At-Bay. August 2023. Retrieved 2026-03-09.
  7. ↑ 7.0 7.1 7.2 7.3 7.4 7.5 7.6 7.7 "At-Bay Specialty Insurance Company Acquisition". At-Bay. January 2023. Retrieved 2026-03-09.
  8. ↑ 8.0 8.1 8.2 "Public Hearing — Acquisition of Control of XL Select Insurance Company by At-Bay, Inc" (PDF). Delaware Department of Insurance. November 2022. Retrieved 2026-03-09.
  9. ↑ 9.0 9.1 9.2 "At-Bay Raises $6 Million Seed Round". Carrier Management. 16 November 2017. Retrieved 2026-03-09.
  10. ↑ "Insurtech co At-Bay reaches unicorn status in $185m raise". Globes. July 2021. Retrieved 2026-03-09.
  11. ↑ 11.0 11.1 11.2 "At-Bay Closes $20M Extension to Series D". At-Bay. October 2021. Retrieved 2026-03-09.
  12. ↑ 12.0 12.1 12.2 12.3 "At-Bay Raises $185 Million Series D". At-Bay. July 2021. Retrieved 2026-03-09.
  13. ↑ "Khosla, Lightspeed Bet on Cyber Insurance". The Wall Street Journal. May 2018. Retrieved 2026-03-09.
  14. ↑ 14.0 14.1 "At-Bay Raises $34M Series B". Carrier Management. 20 February 2020. Retrieved 2026-03-09.
  15. ↑ 15.0 15.1 "Cyber insurance startup At-Bay raises $34M Series C, adds M12 as a new investor". TechCrunch. 8 December 2020. Retrieved 2026-03-09.
  16. ↑ "At-Bay raises $34 million in Series C round". Insurance Business Magazine. Retrieved 2026-03-09.
  17. ↑ "At-Bay Ransomware Supplemental Application" (PDF). At-Bay. Retrieved 2026-03-09.
  18. ↑ 18.0 18.1 18.2 18.3 18.4 18.5 18.6 "At-Bay Cyber Insurance Policy Form AB-CYB-001.2" (PDF). At-Bay. August 2023. Retrieved 2026-03-09.
  19. ↑ 19.0 19.1 19.2 "At-Bay Security". At-Bay. Retrieved 2026-03-09.
  20. ↑ "At-Bay Security Report". At-Bay. Retrieved 2026-03-09.
  21. ↑ "At-Bay Stance Exposure Manager". At-Bay. Retrieved 2026-03-09.
  22. ↑ 22.0 22.1 22.2 22.3 "Enhancements to At-Bay's Unified Security Platform". At-Bay. Retrieved 2026-03-09.
  23. ↑ "At-Bay Launches New MXDR Platform". At-Bay. July 2025. Retrieved 2026-03-09.
  24. ↑ 24.0 24.1 24.2 24.3 24.4 "At-Bay Acquires Relay to Accelerate the Future of Specialty Insurance". At-Bay. August 2022. Retrieved 2026-03-09.
  25. ↑ 25.0 25.1 25.2 25.3 "At-Bay Launches Trisura-Fronted Cyber Program". At-Bay. May 2022. Retrieved 2026-03-09.
  26. ↑ 26.0 26.1 "AM Best Assigns Rating to At-Bay Specialty Insurance Company". AM Best. 19 April 2023. Retrieved 2026-03-09.
  27. ↑ 27.0 27.1 "AM Best Reaffirms At-Bay Carrier Rating". At-Bay. August 2025. Retrieved 2026-03-09.
  28. ↑ 28.0 28.1 "At-Bay Launches InsurSec Solutions for Ransomware and Financial Fraud". At-Bay. October 2025. Retrieved 2026-03-09.
  29. ↑ "Announcing our $13M Series A". At-Bay (Medium). May 2018. Retrieved 2026-03-09.
  30. ↑ "At-Bay Expands Offering with MPL". At-Bay. August 2022. Retrieved 2026-03-09.
Retrieved from "https://insurerbrain.mediawiki.site/w/index.php?title=At-Bay&oldid=6486"