The move to a full-stack carrier will allow the company to better serve its policyholders and accelerate planned product expansion into additional specialty lines, as well as give At-Bay more control over the entire insurance value chain, while strengthening its commitment to the wholesale channel.
“This milestone will allow us to accelerate the pace of our innovation and better serve our broker partners and customers,” said Rotem Iram, co-founder and CEO of At-Bay. “Becoming an insurance carrier further cements our commitment to build the next generation of insurance, and tackle the critical challenge of cyber and digital risk.”
At-Bay currently offers Cyber, Technology Errors & Omissions (Tech E&O) and Miscellaneous Professional Liability (MPL) insurance through wholesale brokers and digital channels, and the company intends to start issuing policies via its carrier later this year.
The acquisition of At-Bay Specialty Insurance Company builds on a series of recent company milestones, including the launch of two new insurance products in the last six months, Admitted Cyber and E&S MPL; the addition of Adam Tyra as GM of the company’s Security Services business unit; and surpassing $380 million in annual recurring gross written premium (ARGWP).
At-Bay’s comprehensive coverage, combined with its Active Risk Monitoring services, empowers its more than 28,000 insureds to proactively manage their digital risk. As a result, At-Bay customers experience 5x fewer ransomware attacks compared to the industry average.