At-Bay, the cyber insurance provider, has begun issuing Cyber and Tech E&O policies under its Delaware-based Excess and Surplus (E&S) carrier – At-Bay Specialty Insurance Company.
At-Bay Specialty Insurance Company was formed in January 2023, in a move which allowed for At-Bay to better serve its policyholders and accelerate planned product expansion into additional specialty lines.
In April, the company received an AM Best A- (excellent) rating with stable outlook in April.
Across 2022, the E&S market witnessed considerable growth as premiums increased for the fourth straight year, rising 20% to $75.5 billion from $62.9 billion in 2021.
Further establishing itself as a leader in the specialty insurance market, and setting the new standard for excellence in cyber insurance underwriting and portfolio risk management, At-Bay’s transition to At-Bay Specialty Insurance Company paper will allow the firm to provider better service to its brokers and customers, as well as speed up innovation, and increase efficiency across the business.
Rotem Iram, CEO & Co-Founder of At-Bay, and Chairman of At-Bay Specialty Insurance Company, said: “In a rapidly changing cyber insurance market, brokers and customers need tech-enabled agility and financial stability. Until today, they could only get one or the other.
“With this latest milestone they no longer have to choose. We have demonstrated our continued commitment to building the next generation of insurance for our customers and valued partners for the long term.”
At-Bay board member, and industry veteran, David Lockton, added: “As the first cyber InsurTech to become an E&S carrier and write on its own paper, this is a natural evolution for a company that is a leader in efficient and quality underwriting,”
“With its strong track record of cybersecurity innovation and underwriting profitability, I believe At-Bay has what it takes to lead the cyber market while expanding into new lines of risk.”
It is also important to note that policy terms, pricing and appetite of products available through At-Bay will remain the same.
In addition, all E&S Cyber and Tech E&O new business in eligible states and territories is now being quoted on At-Bay Specialty Insurance Company paper, as of August 7, 2023.
