At-Bay

At-Bay
At-Bay, Inc.
Corporate identity
Type	Private
Founded	2016
Headquarters	San Francisco, United States
Domicile	Delaware, United States
Key people	Rotem Iram (CEO), Ari Fischel (CFO), Roman Itskovich (CRO)
Number of employees	340+
Business & markets
Business segments	Insurance (MGA/Carrier), Cybersecurity Services
Main products & services	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)
Key financials
Net debt	$0 (no known debt)
External ratings	AM Best: A- (Excellent) (Stable)
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).

Executive summary

🎯 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.

1. Company profile: At-Bay, Inc. is a Delaware C-Corporation founded in 2016 by Rotem Iram (CEO) and Roman Itskovich (CRO) that operates as a cyber-focused MGA and, since January 2023, a wholly-owned carrier (At-Bay Specialty Insurance Company, AM Best A-). Headquartered in San Francisco with an R&D center in Tel Aviv, the company has raised $295.7 million across eight venture rounds and was valued at $1.35 billion following a July 2021 Series D. Key institutional backers include Lightspeed Venture Partners, Icon Ventures, Khosla Ventures, M12 (Microsoft), and Munich Re Ventures, with no single investor holding a disclosed controlling stake. As of 2025, At-Bay protects over 40,000 policyholders across more than 100 industries, monitors 1.5 million IT assets, and employs more than 340 people globally. Its broker portal has earned a 93 NPS — an exceptionally high satisfaction metric in insurance distribution.

1. Business model: At-Bay operates a hybrid "InsurSec" model combining MGA insurance underwriting with proprietary cybersecurity services delivered through its At-Bay Stance platform. Core insurance products include Cyber Liability, Technology E&O, and Miscellaneous Professional Liability (MPL), the latter launched in 2022 with API-driven auto-quoting across 50+ business classes. Revenue is primarily commission-driven (estimated at 15–20% of Gross Written Premium), supplemented by contingent commissions earned when loss ratios stay below agreed thresholds and by embedded security fees bundled into select policies. Distribution relies on wholesale brokers via an online Broker Platform, supplemented by API integrations for programmatic quoting and an admitted cyber product available in 47 states for micro-SMEs. Strategic alliances with Microsoft (2021) and CrowdStrike (2023) extend reach into SMB cybersecurity ecosystems.

1. Capacity structure and competitive position: At-Bay's capacity has evolved from a single carrier (HSB/Munich Re, A++ rated, 2017–2021) to a diversified multi-carrier panel, including Trisura Specialty as a fronting insurer (2022), a captive reinsurance subsidiary, and the company's own At-Bay Specialty carrier (A- rated, 2023). By 2024, At-Bay Specialty ranked fourth among U.S. standalone cyber insurers by direct premium written. Within the cyber insurtech peer group, Coalition remains the largest competitor with roughly double At-Bay's premium ($630M vs. $301M in 2023), while Corvus was acquired by Travelers and Cowbell lost a key capacity partner — both underscoring At-Bay's comparatively stronger execution. Differentiators include a ransomware claim frequency seven times lower than industry average, automated underwriting that quotes MPL in under two minutes, and an incentive structure offering enhanced coverage for insureds adopting recommended security controls.

1. Performance drivers: Gross Written Premium grew explosively — from an estimated $40 million in 2020 to over $380 million by 2022, a trajectory fueled by new customer acquisition, aggressive capacity deployment during the hard market, and steep industry-wide rate increases. The policyholder count rose from approximately 5,000 in 2020 to 30,000 by year-end 2022 and has since surpassed 40,000. A standout driver is At-Bay's technical underwriting, which has produced gross loss ratios estimated at 30–40% against an industry peak of 75–100%; proactive vulnerability patching, rigorous risk selection, and efficient in-house claims handling are the root causes. Operational efficiency is notable at approximately $1.3 million in GWP per employee, achieved through automation and a platform that provides broker indications within minutes. These low losses prompted HSB to increase its quota share commitment in 2022 and earned At-Bay significant contingent commission income.

1. Strategic priorities: At-Bay's forward strategy centers on deepening SME penetration through its admitted product and API distribution, expanding into adjacent specialty lines (potentially D&O or cyber fraud-related crime insurance), and optimizing full-stack carrier operations by gradually migrating more business onto its own balance sheet. Technology priorities include AI-enhanced threat intelligence and underwriting, expansion of the At-Bay Stance platform, and scaling MDR through automation. The company intends to diversify reinsurance partnerships (via Guy Carpenter), pursue embedded insurance deals with cloud providers or MSPs, and integrate with security vendors for co-marketing. A roadmap to EBITDA breakeven is implied by improving operating leverage and the hire of CFO Ari Fischel, whose background preparing Oscar Health for IPO signals public-market readiness.

1. P&L trends: At-Bay's net revenues consist primarily of commission income, estimated at $57–76 million in 2022 based on $380 million GWP at a 15–20% commission rate, though no GAAP figures have been publicly disclosed. Expenses are dominated by people costs for 300+ employees in high-cost markets (San Francisco, New York, Tel Aviv), technology and R&D, and broker-related marketing. The company is likely not yet profitable on a consolidated basis given heavy growth-mode investment, with operating losses sustained by venture capital. However, unit economics are favorable: starting in 2023, the retained slice of business written through At-Bay Specialty could produce an estimated 75% combined ratio (35% loss ratio plus 40% expense ratio), yielding a 25% underwriting margin. AM Best expects underwriting and investment income to support surplus growth at the carrier through 2027, and the higher interest rate environment benefits the carrier's new bond portfolio.

1. Balance sheet and liquidity: Prior to acquiring its carrier in 2023, At-Bay's balance sheet was essentially cash and equity from $295.7 million in cumulative venture funding. Post-2023, the consolidated balance sheet includes carrier assets (a conservative investment-grade bond portfolio, reinsurance recoverables, and premium receivables) alongside insurance liabilities (loss and LAE reserves, unearned premium), though the carrier's book remains heavily reinsured, keeping net liabilities limited. AM Best assessed At-Bay Specialty's risk-adjusted capitalization at the "strongest" level with balance sheet strength rated "Very Strong," and the company carries zero known debt. Short-term liquidity is described as "solid," with highly liquid assets and short-duration liabilities; free cash flow has been negative to date but the burn rate is manageable, as evidenced by no major equity raise since 2021. The trend is toward self-sustainability as commission revenues grow and the carrier generates investment income.

1. Risk and compliance: The paramount risk is cyber catastrophe accumulation — a single systemic event (e.g., major cloud provider hack or widespread malware) causing simultaneous claims across the portfolio. At-Bay manages this through dependency monitoring, exposure caps, aggregate stop-loss reinsurance, and explicit ERM-level catastrophe modeling rated "appropriate" by AM Best. Additional risk categories include attritional loss volatility (average ransomware severity rose 47% for mid-sized firms in 2024), capacity provider withdrawal risk (mitigated by diversified carriers and own balance sheet), technology and data risk (SOC 2 certified; a breach of At-Bay's own systems would be reputationally existential), and regulatory risk from evolving privacy laws, potential ransom-payment bans, and OFAC compliance obligations. At-Bay Insurance Services LLC holds producer licenses in all 50 states and D.C., while At-Bay Specialty is eligible as a surplus lines insurer in 44 states and files NAIC annual statements under Delaware regulatory examination.

1. Governance and ESG: Governance has matured from startup mode to near-public-company standards with the addition of independent directors Gregg Davis and Rob Glanville to At-Bay Specialty's board in 2023. The broader board includes founder-executives and investor representatives from Icon Ventures and Lightspeed, operating as a typical VC syndicate with no single investor holding overwhelming control. Management incentives are equity-driven, with vesting schedules and the prospect of an eventual liquidity event aligning interests toward profitability. At-Bay's ESG profile is positive but not heavily publicized: its environmental footprint is minimal as a software-centric firm, its social contribution lies in closing the cyber protection gap for SMBs, and no ESG controversies, regulatory fines, or data misuse incidents have been reported. The company contributes to industry transparency through semi-regular research publications including the InsurSec Report and Email Security Rankings.

1. Capital actions: At-Bay has raised $295.7 million across eight equity rounds, progressing from a 2016–2017 seed (estimated $2–5 million) through Series A (2018), Series B (mid-2019, ~$13 million), Series C ($34 million, December 2020 with M12 joining), and the landmark $185 million Series D in July 2021 at a $1.35 billion valuation. A $20 million Series D extension from ION Crossover Partners followed in October 2021, and a minor $3.7 million round closed in September 2022 — the latter likely a strategic top-up rather than a cash-necessity raise. The investor syndicate spans top-tier VCs (Lightspeed, Khosla, Icon), corporate venture (M12/Microsoft, Munich Re Ventures), Israeli funds (Glilot, Qumra), and a crossover fund (ION), with Munich Re Ventures uniquely providing both equity capital and underwriting capacity via HSB. No further raises have occurred since 2022, suggesting At-Bay is managing within its existing war chest while preparing for an eventual IPO or other liquidity event.

1. Key timeline: At-Bay's trajectory from founding to full-stack carrier spans roughly seven years of accelerating milestones. First policies were written in Q1 2019, followed by explosive premium growth (800% YoY by mid-2021) and the $1.35 billion unicorn-status Series D in July 2021. Structural evolution accelerated in January 2022 with the Trisura-fronted program and captive reinsurance formation, followed by the acquisition of an E&S carrier from AXA XL in January 2023 and an AM Best A- rating in April 2023. By 2024, At-Bay Specialty had risen to the fourth-largest U.S. standalone cyber insurer by direct premium, and the AM Best rating was reaffirmed in 2025. The company now protects over 40,000 policyholders, monitors 1.5 million IT assets, and employs 340+ staff — positioning it as a leading independent cyber insurer with a plausible path toward public markets.

More details are in the following sections.

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Company profile

🏢 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). 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.

🧑‍💼 Founding and leadership. At-Bay was established in 2016 by Rotem Iram (CEO) and Roman Itskovich (Chief Risk Officer), with the first insurance products launched in 2019. Other key executives include Ken Riegler (President, Insurance), Ari Fischel (CFO, joined 2023), Ayelet Kutner (CTO), Tara Bodden (General Counsel & Head of Claims), Thom Dekens (Chief Business Officer & GM of Security), and Michael Drummond (Chief Underwriting Officer for Cyber/E&O).

🏗️ 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. 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. 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.

💰 Ownership and investors. At-Bay remains privately held with total venture funding of $295.7 million across eight rounds. 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. The Series D round ($185M in July 2021) valued At-Bay at $1.35 billion, establishing unicorn status. 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. No single investor has disclosed a controlling stake; the company remains founder-led.

📊 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). The company monitors 1.5 million IT assets for cyber threats on an ongoing basis and has grown to over 340 employees globally. At-Bay's broker portal earned a 93 NPS (Net Promoter Score) from brokers — an exceptionally high satisfaction metric in the insurance industry.

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Business model

Nature of operations

🔄 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. 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. The philosophy is that better cybersecurity reduces losses, creating a virtuous cycle for the insurance business.

Insurance offerings

🛡️ 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. 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.

📋 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. MPL leverages At-Bay's digital platform to instantly quote over 50 classes of business with revenues up to $25 million. 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.

Security platform and services

🔍 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. Active risk monitoring performs regular vulnerability scans of insureds' networks and web presence, alerting businesses and brokers of critical findings with mitigation recommendations. 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.

🚨 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. Advisory services include virtual CISO (vCISO) advice, security awareness training, and incident response planning via tabletop exercises. 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. One case study noted At-Bay helped a ransomware victim avoid paying ransom and resume operations in four days.

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. 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.

Distribution and go-to-market

🤝 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. The Broker Platform is an online portal enabling real-time quotes, coverage customization, and policy binding within minutes. At-Bay also offers APIs for programmatic quoting; its MPL product is delivered via API to insurtech distributors and small business platforms. An admitted cyber product launched in late 2022, available in 47 states, provides a fully digital quoting experience via embedded insurance partnerships. Strategic alliances include a 2021 collaboration with Microsoft to help SMBs manage cyber risk proactively, and a 2023 partnership with CrowdStrike to offer combined security solutions.

Capacity structure

🏦 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. 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. 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. By 2024, At-Bay Specialty ranked fourth among U.S. standalone cyber insurers by direct premium. HSB's CUO described At-Bay as having "the most complete and successful risk mitigation model" he was aware of.

Competitive position

⚔️ 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. 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). Corvus, which encountered capacity issues and high loss ratios, was acquired by Travelers in 2023, underscoring At-Bay's stronger execution and maintained independence. Cowbell Cyber faced setbacks when it lost a key capacity partner (Skyward Specialty) in early 2024, while At-Bay managed to gain capacity throughout the 2021–2022 period.

🏆 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. Automated, data-driven underwriting incorporates technical scan data to quote many small risks instantly via API, including MPL auto-quotes in under two minutes. The broker-friendly platform (93 NPS) modernized the wholesale channel without disintermediating brokers. 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.

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Performance drivers

Premium growth

📈 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. By 2022, At-Bay exceeded $380 million in annual recurring GWP, a further 58% jump year-over-year despite a challenging market. 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.

The table below summarizes available operating KPIs.

Operating KPIs (selected)

KPI	FY2018	FY2019	FY2020	FY2021	FY2022	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. The admitted product launch further opened doors to micro-SMEs via embedded channels, and 40 new classes were added to MPL in 2023.

📉 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. The root causes include proactive vulnerability patching (58% of ransomware attacks in 2023 originated from compromised remote access tools), 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.

⚙️ 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. 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.

📊 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. 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.

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Strategic priorities

🧭 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. 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.

🏪 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. 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.

🏛️ 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), and investing in governance, compliance, and actuarial infrastructure to satisfy regulators and rating agencies. As Rotem Iram stated, these steps "cement our commitment to building a lasting insurance company."

💻 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.

🤝 Partnership and ecosystem strategy. At-Bay will maintain and diversify reinsurance partnerships (working with broker Guy Carpenter to expand its reinsurer panel), 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.

🎯 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.

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P&L trends

Revenue composition

💰 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). 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.

Expense profile

🏗️ 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.

Profitability outlook

📉 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.

The table below summarizes the estimated high-level income statement trends.

Income statement summary (estimated, $M)

Metric	FY2019	FY2020	FY2021	FY2022	FY2023 (est.)	Notes / drivers
Gross Written Premium (managed)	~$10–15 (est.)	~$40 (est.)	~$240 (run-rate)	$380+ (ARR)	~$450 (ND)	Growth driven by new business and rate increases. 2023 assumes continued ~20–30% growth.
Net revenue (commission & fees)	ND	ND	ND	ND	ND	Commission income ~15–20% of GWP. 2022 potentially $60–70M range (calculated); officially ND.
Gross loss ratio (insurance program)	ND	ND	< 50% of industry	< 50% of industry (~30–40%)	< 50% (est.)	At-Bay consistently outperforms market. Industry ~65% in 2022 for standalone cyber.
Operating expenses	ND	ND	ND	ND	ND	Includes payroll (300+ staff), R&D, marketing, admin. Some economies of scale beginning to manifest.
EBITDA (operating profit/loss)	ND (negative)	ND (negative)	ND (negative)	ND (negative)	ND (breakeven goal)	Likely net loss in all years given high growth spend. Aiming to approach breakeven.
Net income / net loss	ND	ND	ND	ND	ND	Net losses funded by VC. Profit commissions narrow the gap. All earnings reinvested.

🔀 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.

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Balance sheet

🏦 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.

📦 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), the carrier's conservative investment portfolio of high-quality bonds, 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, implying robust surplus relative to premium.

📑 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. Financial leverage is effectively zero.

The table below summarizes key balance sheet items.

Balance sheet highlights ($M)

Metric	FY2019	FY2020	FY2021	FY2022	FY2023 (est.)	Notes / drivers
Total assets	ND	ND	ND	ND	ND (increased)	2023 jump from carrier's invested assets and capital infusion. Strong capitalization per AM Best.
– Cash & equivalents	ND	ND	ND	ND	ND	Likely tens of millions. After Series D, cash possibly $100M+.
– Investments (bonds)	N/A	N/A	N/A	N/A	ND	Carrier's bond portfolio initiated in 2023 (high quality, liquid). Provides investment income.
– Intangible assets	N/A	N/A	N/A	N/A	ND	Arises from 2023 carrier acquisition. Value of insurance licenses from XL.
– Reinsurance recoverables	N/A	N/A	N/A	N/A	ND	Appears 2023 onward for ceded losses. Minimal so far.
Total liabilities	ND	ND	ND	ND	ND	Mostly operating payables historically. In 2023, includes insurance reserves. Heavily reinsured.
– Loss & LAE reserves (gross)	0	0	0	0	ND	Zero prior to carrier. In 2023, some reserves for reported claims. Low given short-tail nature.
– Unearned premium (gross)	0	0	0	0	ND	First appears 2023. Ceded largely to reinsurers.
– Debt	$0	$0	$0	$0	$0	No known debt. Expansion funded by equity.
Total shareholders' equity	ND	ND	ND	ND	ND	$295.7M total VC contributed, offset by cumulative net losses. Carrier's statutory capital included from 2023.

🔑 Capital adequacy. AM Best's A- rating indicates confidence in capital adequacy, with BCAR likely in the highest category. Underwriting leverage at the carrier is kept low initially, and the balance sheet strength is rated "Very Strong." Liquidity is strong: assets are largely marketable (cash and bonds), liabilities are short-duration, and reinsurance coverage mitigates risk.

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Cash and liquidity

💧 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.

🏧 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. 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.

📊 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, 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.

The table below provides an estimated summary of cash flow dynamics.

Cash flow summary (estimated, $M)

Metric	FY2019	FY2020	FY2021	FY2022	FY2023 (est.)	Notes / drivers
Operating cash flow (±)	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.
Technology investment / capex	ND	ND	ND	ND	ND	Mostly through OPEX (R&D). Tens of millions total over 2017–2023.
Acquisitions	0	0	0	0	ND	Jan 2023 carrier acquisition — purchase price undisclosed. Main outlay was capitalizing surplus.
Free cash flow	Negative	Negative	Negative	Negative	Near 0 (est.)	Trend toward improvement as revenues catch up with expenses.
Venture funding received	~$6 (est.)	~$34 (Series C)	$185 + $20 (Series D & ext.)	$3.7	$0	Total $295.7M raised. No further raises as of 2026.
Ending cash balance	ND	ND	ND (high)	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.

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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. 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. The company performs active catastrophe management — identifying potential systemic cyber events and quantifying portfolio exposure to inform underwriting guidelines.

🔬 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) not only pays claims but actively manages incidents to control costs, with a preferred response partners list ensuring quality and cost-efficiency. 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. At-Bay Specialty Insurance Company is eligible as a surplus lines insurer in 44 states. The admitted cyber product is available in 47 states. 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.

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.

📊 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. At-Bay mitigates through pricing adjustments, mandating controls, and reducing ransomware coverage retentions for MDR users.

🏦 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), 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.

🔒 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. 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.

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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), 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. 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.

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. The workforce is geographically diverse across San Francisco, New York, Tel Aviv, and other offices, with a remote-first approach noted for Los Angeles.

🏢 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), contributing industry-wide data to the understanding of cyber trends. No ESG controversies, discrimination suits, data misuse incidents, or regulatory fines have been reported.

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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). Series A followed in 2018 (Lightspeed, Khosla Ventures; estimated $6–8 million), 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.

🦄 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. 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. ION's Jonathan Kolodny noted At-Bay's opportunity to redesign insurance and help reach "successful outcomes."

💼 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. 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. 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.

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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.
• 2017: Seed funding raised from Lightspeed, Glilot Capital, and Shlomo Kramer (estimated few million USD).
• 2018: Series A funding (Lightspeed, Khosla). First capacity partnership secured with Hartford Steam Boiler (HSB, A++ rated).
• 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. 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. Microsoft collaboration announced in June 2021.
• Jul 2021: Series D ($185M) at $1.35B valuation — unicorn status. Co-led by Icon Ventures and Lightspeed.
• Sep 2021: Miscellaneous Professional Liability (MPL) product launched via API.
• Oct 2021: Series D extension ($20M) from ION Crossover Partners. Total funding $292M.
• Jan 2022: Trisura-fronted program launched; HSB increases capital commitment; captive reinsurance formed. At-Bay retains risk for the first time.
• Mid/Late 2022: Admitted cyber product launched in 47 states via digital channels. GWP exceeds $380M ARR; ~30,000 policyholders.
• Sep 2022: Minor venture round ($3.7M). Total funding reaches $295.7M.
• Jan 2023: Acquisition of E&S carrier from AXA XL, renamed At-Bay Specialty Insurance Company. Licensed in 44 states for surplus lines.
• Apr 2023: AM Best assigns Financial Strength Rating of A- (Excellent) with stable outlook. Ari Fischel hired as CFO.
• 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.
• 2024: At-Bay Specialty ranks #4 among U.S. standalone cyber insurers by direct premium. AM Best reaffirms A- rating.
• 2025: Over 40,000 policyholders across 100+ industries; 340+ employees; 1.5 million IT assets monitored.

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