Munich Re-backed insurtech At-Bay nabs Hiscox/Arch execs to help scale in ‘tough’ market
Munich Re-backed cyber insurtech At-Bay has tapped two senior industry executives to help scale its reinsurance and insurance operations, as it looks to break into a “tough” market.
Stephanie Lynch (pictured right) has joined the business as head of reinsurance, with Adam Petrone (pictured left) as head of insurance operations and strategy.
Lynch will lead the company’s reinsurance strategy and placements. She will be responsible for deepening and broadening its relationships with reinsurance partners to achieve capacity necessary for growth of the company.
Lynch most recently served as vice president at Safety National Re, where she was focused on underwriting the growing professional liability portfolio, and before that Arch Re, where she worked in an actuarial reserving and financial reporting capacity before transitioning to underwriting, focusing on professional liability.
In his new role, Petrone will oversee the strategic deployment of insurance operations and underwriting resources to drive scalable growth.
Petrone most recently served as senior vice president at Hiscox, leading the Northeast region of the US broker business. While there, he held P&L responsibility and owned business planning for 12 product lines and more than 20 underwriters.
In 2021, At-Bay raised $205 million in funding on a $1.3 billion valuation, and launched new partnerships with Microsoft and Cloudflare. The company is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital.
Commenting on his new job, Lynch said: “I’m thrilled to join the incredibly talented and innovative team at At-Bay, and look forward to growing relationships with our reinsurance partners. At-Bay’s ability to actively monitor the cyber risk and vulnerabilities of their insureds is a major advancement over what insurance has traditionally provided, the impact of which has been clearly demonstrated in how the company has been able to keep incredibly low loss ratios despite the volatile market.”
Petrone added: “It can be tough to break through in insurance because your reputation is everything, yet At-Bay has quickly managed to do so and differentiate itself by providing superior risk assessment and prevention methods. We are an external steward of business’ security posture and provide regular feedback throughout the life of a policy — very few insurance markets are doing that to keep businesses safe.”
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