At-Bay
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.[1] 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.[2][3] 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.[1] 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.[4][5]
📜 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.[6][7] Puerto Rico's insurance regulator issued a circular letter regarding the name change, effective 24 January 2023.[1] 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.[8]
🏛️ Domicile and licensing. Multiple official documents list Delaware as the carrier's state of domicile and Wilmington as its principal operating location.[1] 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.[6] 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.[7]
| Entity | Role | 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 |
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.[4][9][10] He holds an MBA from Harvard Business School.[4]
🔬 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.[4] Additional co-founders Etai Hochman and Tilli Kalisky-Bannett are identified in business press, though they are no longer in active leadership roles.[11]
👥 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.[4][12] CFO Ari Fischel previously held CFO duties at Capital Rx and finance leadership roles at Oscar Health, Nielsen, and General Electric.[4][13] CTO Ayelet Kutner was formerly VP of Engineering at Forescout Technologies and headed platforms and SMB/ICS products at Check Point Software Technologies.[4] Chief Business Officer and GM of the security affiliate Thom Dekens previously worked at Boston Consulting Group and in corporate development at Forescout.[4] 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.[4]
🪑 Board and governance. Preeti Rathi of Icon Ventures joined the board in conjunction with the Series D financing.[9] Gregg Davis and Rob Glanville joined the carrier as independent directors upon its acquisition.[7][4] David Lockton's involvement is referenced across multiple At-Bay releases, reinforcing distribution network connectivity at the board level.[6]
Funding and ownership signals
💰 Capital raised. At-Bay raised a total of $292M in equity capital across four rounds plus an extension, culminating in a last disclosed post-money valuation of $1.35B from the July 2021 Series D.[4][9] 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).[9]
| 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 |
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.[5] The company serves close to 40,000 businesses in the U.S. and frames its primary constituency as small-and-medium businesses (SMBs).[4] A January 2023 carrier acquisition announcement cited more than 26,000 insureds at that time.[7]
📊 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.[4] 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.[5]
🚫 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.[14] Application materials reference restricted industries such as gambling, adult content, and cannabis.[15]
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.[14] 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.[14] 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.[14]
🛡️ 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.[14] Business interruption coverage encompasses direct and contingent business interruption loss, extra expense, plus reward expense and public relations loss.[14] 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.[14]
⚖️ 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.[14]
🔒 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.[14] 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.[14] A prior-acts exclusion applies to third-party coverage tied to a retroactive date and subsidiary status.[14]
🔧 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.[16]
Cybersecurity services and technology stack
🔐 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.[16]
📝 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.[17] The Stance Exposure Management platform scans and monitors digital assets, prioritizes exposures, and provides access to Cyber Advisors.[18]
🖥️ 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.[2] Enhancements to the Stance platform include security awareness training and integrations for Microsoft and Google email platforms.[19] Access to Stance Exposure Management is available to surplus cyber and tech E&O policyholders via an embedded security fee and endorsement.[19]
🛰️ 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.[2] The enterprise-grade MDR disclosed in June 2024 is powered by CrowdStrike and includes 24/7 monitoring via a Security Operations Center.[5] In July 2025, At-Bay launched an MXDR platform and a strategic alliance with SentinelOne.[20]
Distribution, partnerships, and competitive positioning
🌐 Distribution architecture. At-Bay distributes through wholesale brokers and digital channels.[7] 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.[21]
🌍 Geographic footprint. At-Bay maintains a globally distributed workforce with hubs in Atlanta, Chicago, New York City, San Francisco, and Tel Aviv.[4][9][7] Customer and premium statements are framed primarily around the U.S. market.[4]
🏗️ 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.[22] 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.[7]
⭐ 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.[6][23]
🏆 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.[16] 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.[6]
Financial signals and risk factors
📈 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).[22] 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.[1] The company stated a 600% YoY GWP growth rate for 2021 versus the prior year.[22]
💼 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%.[1] The carrier recorded $154.5M in gross premium for 2023 against $0 in 2022, reflecting the mid-2023 transition to own-paper issuance.[1] The company employs over 300 people.[4]
| Metric | Most recent figure | Prior year | Source |
|---|---|---|---|
| GWP (group run-rate) | $240M (2021) | — | At-Bay press release (May 2022) |
| GWP growth rate (YoY) | 600% (2021) | — | At-Bay press release (May 2022) |
| Policy count (in force) | 26,000+ (Jan 2023) | — | At-Bay carrier acquisition announcement |
| Carrier gross premium (statutory) | $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+ | — | Company overview |
⚠️ 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.[22]
🌊 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.[14]
📜 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.[8]
⚙️ 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.[19] The acquisition of Relay, while framed as operationally independent, introduces integration and commercial alignment risks.[21]
🔗 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.[1][7] 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.[7] No evidence of AXA Venture Partners, Kamet, or AXA distribution partnerships with At-Bay was identified.[4]
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.[7][19][21]
🛒 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.[21][24] In October 2025 the company launched InsurSec packages combining security and insurance enhancements tied to ransomware and financial fraud protection.[25]
Company timeline
| Date | Event |
|---|---|
| 2016 | Company founded by Rotem Iram and Roman Itskovich (among others).[4] |
| November 2017 | Seed financing ($6M); early partnership with Hartford Steam Boiler described in reporting.[10] |
| May 2018 | Series A financing ($13M).[26] |
| February 2020 | Series B financing ($34M).[12] |
| December 2020 | Series C financing ($34M); M12 participation added.[27] |
| July 2021 | Series D financing ($185M) at $1.35B valuation.[9] |
| October 2021 | $20M Series D extension disclosed.[28] |
| May 2022 | Trisura-fronted cyber program launched; HSB as largest capital provider and lead reinsurer; captive reinsurer formed; reinsurance placed by Guy Carpenter.[22] |
| August 2022 | MPL product launched; acquisition of Relay completed.[24][21] |
| December 2022 | Delaware regulator notice of public hearing on acquisition of control of XL Select by At-Bay, Inc.[8] |
| 24 January 2023 | Completion of acquisition of E&S carrier from XL Insurance America announced.[7] |
| 19 April 2023 | AM Best assigns A- rating (stable outlook) to At-Bay Specialty Insurance Company.[13] |
| August 2023 | At-Bay begins issuing Cyber and Tech E&O policies on its own E&S paper.[6] |
| 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.[5] |
| August 2025 | AM Best reaffirms A- (stable) rating.[23] |
| October 2025 | InsurSec packages launched combining security and insurance enhancements for ransomware and financial fraud protection.[25] |
Glossary
| Term | 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.[5] |
| MDR / EDR / XDR / MXDR | Managed (or endpoint / extended) detection and response capabilities; At-Bay commercializes MDR and MXDR via its security affiliate.[5] |
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 "At-Bay Specialty Insurance Company — Insurer Financial Report, 2Q 2024" (PDF). Florida Surplus Lines Service Office. Retrieved 9 March 2026.
- ↑ 2.0 2.1 2.2 "At-Bay". At-Bay. Retrieved 9 March 2026.
- ↑ "Licenses". At-Bay. Retrieved 9 March 2026.
- ↑ 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 4.15 4.16 4.17 4.18 4.19 "At-Bay Company Overview" (PDF). At-Bay. September 2025.
- ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 "At-Bay Expands Cyber and Tech Coverage". At-Bay. June 2024.
- ↑ 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.
- ↑ 7.00 7.01 7.02 7.03 7.04 7.05 7.06 7.07 7.08 7.09 7.10 7.11 "At-Bay Specialty Insurance Company". At-Bay. January 2023.
- ↑ 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.
- ↑ 9.0 9.1 9.2 9.3 9.4 9.5 9.6 "At-Bay Series D". At-Bay. July 2021.
- ↑ 10.0 10.1 10.2 "At-Bay Seed Funding". Carrier Management. 16 November 2017.
- ↑ "Insurtech Co At-Bay Reaches Unicorn Status in $185M Raise". Globes. July 2021.
- ↑ 12.0 12.1 "At-Bay Series B". Carrier Management. 20 February 2020.
- ↑ 13.0 13.1 "AM Best Assigns A- Rating to At-Bay Specialty Insurance Company". AM Best. 19 April 2023.
- ↑ 14.00 14.01 14.02 14.03 14.04 14.05 14.06 14.07 14.08 14.09 14.10 14.11 "Cyber Insurance Policy Form AB-CYB-001.2" (PDF). At-Bay. August 2023.
- ↑ "Ransomware Supplemental Application" (PDF). At-Bay. February 2024.
- ↑ 16.0 16.1 16.2 "At-Bay Security". At-Bay. Retrieved 9 March 2026.
- ↑ "Security Report". At-Bay. Retrieved 9 March 2026.
- ↑ "Exposure Manager". At-Bay. Retrieved 9 March 2026.
- ↑ 19.0 19.1 19.2 19.3 "Enhancements to Innovative Unified Security Platform". At-Bay. Retrieved 9 March 2026.
- ↑ "At-Bay Launches New MXDR Platform". At-Bay. July 2025.
- ↑ 21.0 21.1 21.2 21.3 21.4 "At-Bay Acquires Relay to Accelerate the Future of Specialty Insurance". At-Bay. Retrieved 9 March 2026.
- ↑ 22.0 22.1 22.2 22.3 22.4 22.5 "At-Bay Launches Trisura-Fronted Cyber Program as HSB Increases Capital Commitment". At-Bay. May 2022.
- ↑ 23.0 23.1 "AM Best Reaffirms Carrier Rating". At-Bay. August 2025.
- ↑ 24.0 24.1 "At-Bay Expands Offering with MPL". At-Bay. August 2022.
- ↑ 25.0 25.1 "At-Bay Launches Industry-First Solutions for Ransomware and Financial Fraud". At-Bay. October 2025.
- ↑ "Announcing Our $13M Series A". At-Bay (Medium). May 2018.
- ↑ "Cyber Insurance Startup At-Bay Raises $34M Series C". TechCrunch. 8 December 2020.
- ↑ "At-Bay Closes $20M Extension to Series D". At-Bay. October 2021.