Cyber insurance provider At-Bay has announced the launch of a new cyber insurance program backed by two leaders within specialty insurance – Trisura Specialty Insurance Company and The Hartford Steam Boiler (HSB).
Trisura serves as the new issuing carrier for the cyber and tech errors and omissions (E&O) program, while HSB remains At-Bay’s largest capital provider and lead reinsurer, increasing its 2022 capital commitment over the previous year.
The new program is also backed by a panel of reinsurance partners and at At-Bay’s own newly formed captive reinsurance company, collectively providing the capacity to support long-term growth initiatives.
With At-Bay’s gross written premium (GWP) run rate surpassing $240 million in 2021, a 600% increase over the previous year, the new program gives At-Bay additional capacity to further extend its sustainable growth, while keeping in place the overall core of the company’s cyber program, including terms, appetite, pricing, and its proprietary active risk monitoring services.
“We are thrilled to bring on Trisura as a partner and are equally excited that HSB is continuing to support our growth in 2022 and beyond,” said Roman Itskovich, Co-founder and Chief Risk Officer of At-Bay. “Since our inception, we have been strong proponents of helping customers strengthen their cyber security practices because their risk is our risk. Our new captive further aligns our interests with that of our customers, brokers, and reinsurance partners, making it a major milestone in At-Bay’s journey to becoming a full-stack carrier.”
Trisura President and CEO Michael Beasley, added: “At-Bay has proven its ability to manage cyber risk year-round in a growing portfolio. We consistently strive to partner with top-tier program administrators who have profitable books of business and strong underwriting discipline, and At-Bay unquestionably fits the bill.”
HSB Chief Underwriting Officer, Dave Firstenberg, commented: “At-Bay has the most complete and successful risk mitigation model I’m aware of. We are committed to remaining a close partner of At-Bay, and this new program is yet another positive step forward that enables At-Bay to continue delivering exceptional results.”
