At-Bay Specialty Insurance Company, a property and casualty (P&C) carrier specialising in excess and surplus (E&S) lines, was acquired by At-Bay in January 2023.
The insurtech is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital.
“At-Bay is committed to accelerating growth and fostering innovation to shape the future of insurance in the digital era,” said Rotem Iram, CEO and co-founder of At-Bay, and Chairman of the board for At-Bay Specialty Insurance Company.
“The A- rating from AM Best is a significant milestone as we work towards realising that vision,” he added.
As an E&S carrier, At-Bay aims to enhance its offerings to policyholders and valued brokers by expanding into additional specialty lines and providing innovative solutions to tackle emerging risks faced by small-to-mid-sized businesses today. The company plans to commence writing policies on its own paper later this year.
At-Bay reveals Ari Fischel as new Chief Financial Officer
In addition to this noteworthy financial achievement, At-Bay also announced that Ari Fischel has joined the company as its Chief Financial Officer. Fischel brings over 20 years of experience in financial and operational leadership to At-Bay’s executive team, most recently serving as CFO of Capital-Rx, one of the fastest growing health tech companies in North America.
Prior to that, Fischel held the position of Vice President, Finance and Accounting for Oscar, a leading insurtech, where he played a key role in laying the groundwork for the company’s successful initial public offering during his five-year tenure. Before joining Oscar, Fischel held senior finance and leadership roles at The Nielsen Company and General Electric. Fischel will also join the board of At-Bay Specialty Insurance Company, further contributing to the company’s strategic direction and growth.
“I’m thrilled to join At-Bay during this time of exciting innovation and growth and look forward to contributing to At-Bay’s next phase of success and category disruption”, said Fischel. “The company has consistently demonstrated that it can deliver high-quality insurance and security solutions to the small business and broker community and achieve strong customer and revenue growth for its investors and reinsurance partners, all the while maintaining record low portfolio losses.”
At-Bay is the insurance company for the digital age, who today provides security prevention and insurance protection solutions to close to 30,000 businesses in the US. Surpassing $380 million in annual recurring gross written premium (ARGWP) in 2022, At-Bay offers insurance policies for Cyber (E&S and Admitted), Technology Errors & Omissions (Tech E&O), and Miscellaneous Professional Liability (MPL).
Source: At-Bay
