At-Bay Acquires Licensed P&C Insurance Carrier
At-Bay, the insurance company for the digital age, today completed the acquisition of At-Bay Specialty Insurance Company, a Delaware-domiciled excess and surplus (E&S) lines property and casualty (P&C) insurer licensed in 44 states, from XL Insurance America, Inc. Industry veterans Gregg Davis and Rob Glanville will join the newly acquired At-Bay Specialty Insurance Company as Independent Directors, bringing their combined decades of insurance expertise to the insurer.
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Gregg Davis - New At-Bay Specialty Insurance Company Independent BOD mmber. (Photo: Business Wire)
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.
At-Bay is the insurance company for the digital age. By combining world-class technology with industry-leading insurance expertise, At-Bay was designed from the ground up to empower businesses to thrive in the digital world. At-Bay is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital. www.at-bay.com
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