At-Bay Acquires Licensed P&C Insurance Carrier

At-Bay Acquires Licensed P&C Insurance Carrier

SAN FRANCISCO–(Company WIRE)–At-Bay, the insurance coverage organization for the digital age, now done the acquisition of At-Bay Specialty Insurance coverage Enterprise, a Delaware-domiciled extra and surplus (E&S) traces property and casualty (P&C) insurer accredited in 44 states, from XL Insurance policy America, Inc. Field veterans Gregg Davis and Rob Glanville will be part of the freshly obtained At-Bay Specialty Insurance policy Organization as Independent Directors, bringing their put together a long time of coverage know-how to the insurance provider.

The shift to a entire-stack carrier will enable the business to far better serve its policyholders and accelerate prepared solution expansion into more specialty lines, as properly as give At-Bay a lot more command in excess of the entire coverage price chain, although strengthening its dedication to the wholesale channel.

“This milestone will permit us to speed up the tempo of our innovation and superior serve our broker companions and buyers,” claimed Rotem Iram, co-founder and CEO of At-Bay. “Becoming an insurance plan carrier further more cements our motivation to construct the future generation of insurance, and deal with the important challenge of cyber and electronic threat.”

At-Bay at present offers Cyber, Technologies Errors & Omissions (Tech E&O) and Miscellaneous Professional Liability (MPL) insurance policy by way of wholesale brokers and electronic channels, and the company intends to start out issuing policies through its provider afterwards this yr.

The acquisition of At-Bay Specialty Coverage Enterprise builds on a sequence of latest business milestones, such as the launch of two new insurance policy solutions in the past 6 months, Admitted Cyber and E&S MPL the addition of Adam Tyra as GM of the firm’s Protection Solutions company device and surpassing $380 million in annual recurring gross created top quality (ARGWP).

At-Bay’s comprehensive coverage, merged with its Energetic Risk Monitoring products and services, empowers its a lot more than 28,000 insureds to proactively handle their electronic chance. As a end result, At-Bay prospects working experience 5x much less ransomware assaults compared to the sector regular.

About At-Bay

At-Bay is the insurance policies enterprise for the digital age. By combining entire world-class technologies with field-leading insurance plan abilities, At-Bay was developed from the ground up to empower companies to prosper in the electronic environment. At-Bay is backed by Acrew Funds, Glilot Money, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Enterprise Associates, M12, entrepreneur Shlomo Kramer, and Qumra Money.