Cyber insurance provider, At-Bay, has completed the acquisition of At-Bay Specialty Insurance Company – a Delaware-domiciled E&S lines P&C insurer licensed in 44 states, from XL Insurance America, Inc.
By making the move to a full-stack carrier, this will now allow the firm to better serve its policyholders and accelerate planned product expansion into additional specialty lines.
The move will also give At-Bay more control over the entire insurance value chain, while at the same time, further strengthening its commitment to the wholesale channel.
Industry veterans, Gregg Davis and Rob Glanville, will both be joining the newly acquired At-Bay Specialty Insurance Company as Independent Directors. Together they will bring their combined decades of industry expertise to the insurer.
“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.”
Currently, At-Bay offers Cyber, Technology Errors & Omissions, and Miscellaneous Professional Liability insurance through wholesale brokers and digital channels. The firm also plans 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, which includes the launch of two new insurance products in the last six months, Admitted Cyber and E&S MPL. As well as 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.
