At-Bay

At-Bay provides cyber insurance cover against business interruption, system failure, ransomware extortions, and reputational damage resulting from cybersecurity incidents. It provides a coverage limit of up to USD 10 million for businesses with up to USD 5 billion in revenue. At-Bay also offers technology errors and omission (E&O) insurance to protect organizations from legal liability resulting from errors in technology products they sell with similar coverage limits as cyber insurance (restricted to organizations with up to USD 2 billion in revenue). At-Bay’s insurance policies are backed by HSB Specialty Insurance Company, which is part of insurance giant MunichRe.

At-Bay also monitors client systems for security vulnerabilities both at the time of quoting policies and on an ongoing basis for the policy duration. It helps clients identify risks and take remedial actions which, in turn, helps At-Bay reduce risk and minimize insurance payouts.

In April 2023 At-bay launched “At-Bay Stance”, a cyber-risk solution for small and medium businesses that offers risk posture analysis solutions, expert risk mitigation, and incident response capability through At-Bay’s insurance policy.

At-Bay also launched a new managed detection and response (MDR) platform, Stance, in October 2023, catering to small and medium businesses (SMBs). The new solution included services such as proactive threat detection, organization specific customization, and cyber insurance premium incentives based on security posture.

In August 2022, the company acquired the specialty insurance digital distribution startup, Relay. Relay provides a platform for brokers and agents to add multiple specialty commercial lines including cyber insurance, to their quotes. At-Bay acquired the licensed property and casualty (P&C) insurance carrier, At-Bay Specialty Insurance Company from XL Insurance America in January 2023. The company began writing cyber and tech E&O insurance on its own excess and surplus (E&S) paper through At-Bay Specialty in August 2023, completing its transition to a full-stack carrier model.

Key customers and partnerships

At-Bay entered into a partnership with Microsoft in September 2021 in order to streamline the sharing of information on a company’s cybersecurity posture through Microsoft’s products. The company partnered with the insurance software company Guidewire, to use the latter’s cyber risk modeling and analytics solution, Cyence. At-Bay leveraged Cyence’s advanced risk modeling and aggregated risk scenarios with its active risk monitoring and claims experience. This enhanced its underwriting and cyber portfolio aggregation risk management decisions to deliver a strong loss performance.

Funding and financials

In July 2021, At-Bay raised USD 185 million in Series D funding at a valuation of USD 1.35 billion. The round was co-led by Icon Ventures and Lightspeed Venture Partners. The company was to use the funding to launch new products, expand into new markets, and grow its team. At-Bay’s Series D was extended in October 2021 by USD 20 million from ION Crossover Partners.

At-Bay recorded an annual recurring gross written premium for over USD 360 million in 2022.