At-Bay, which stylises itself as the insurance provider for the digital age, has acquired At-Bay Specialty Insurance Company, an excess and surplus (E&S) lines and property and casualty insurer.
At-Bay describes itself as “the insurance company for the digital age”.
The company was designed from the ground up to empower businesses to thrive in the digital world and combines world-class technology with industry-leading insurance expertise.
The acquisition sees At-Bay become a full-stack insurance carrier, and this will allow it to better serve its policyholder 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.
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, according to At-Bay, also builds on a series of recent company milestones for At-Bay, 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).
Rotem Iram, co-founder and CEO of At-Bay, said, “This milestone will allow us to accelerate the pace of our innovation and better serve our broker partners and customers. 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.”
In August last year, At-Bay acquired Relay, a developer of digital transformation technology for commercial insurance. Following the close of the deal, Relay will continue to serve a growing list of brokers as an independent entity, under its own management team.
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