Munich Re-backed insurtech At-Bay transitions to full-stack E&S carrier

Munich Re-backed cyber insurtech  At-Bay has begun issuing cyber and tech E&O policies under its Delaware-based excess and surplus (E&S) carrier, At-Bay Specialty Insurance Company.

Formed in January 2023, At-Bay Specialty Insurance Company secured an AM Best rating of A- with stable outlook in April.

At-Bay claims to be the first cyber insurtech to transition to a full-stack E&S carrier, allowing it to better serve its brokers and customers, speed up innovation, and increase efficiency across the business.

In 2022, the E&S market grew premiums for the fourth straight year, rising 20% to $75.5 billion from $62.9 billion in 2021, the company cited.

“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,” said Rotem Iram (pictured), CEO & co-founder of At-Bay, and chairman of At-Bay Specialty Insurance Company.

“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 David Lockton said: “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.”

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