At-Bay Acquires Licensed P&C Insurance Carrier

At-Bay Acquires Licensed P&C Insurance Carrier
At-Bay, the insurance company for the digital age, today completed the acquisition of At-Bay Specialty Insurance Company, a Delaware-domiciled excess and surplus (E&S) lines property and casualty (P&C) insurer licensed in 44 states, from XL Insurance America, Inc.

Industry veterans Gregg Davis and Rob Glanville will join the newly acquired At-Bay Specialty Insurance Company as Independent Directors, bringing their combined decades of insurance expertise to the insurer.

The move to a full-stack carrier will allow the company to better serve its policyholders and accelerate planned product expansion into additional specialty lines, as well as give At-Bay more control over the entire insurance value chain, while strengthening its commitment to the wholesale channel.

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“This milestone will allow us to accelerate the pace of our innovation and better serve our broker partners and customers,” said Rotem Iram, co-founder and CEO of At-Bay. “Becoming an insurance carrier further cements our commitment to build the next generation of insurance, and tackle the critical challenge of cyber and digital risk.”

At-Bay currently offers Cyber, Technology Errors & Omissions (Tech E&O) and Miscellaneous Professional Liability (MPL) insurance through wholesale brokers and digital channels, and the company intends to start issuing policies via its carrier later this year.

The acquisition of At-Bay Specialty Insurance Company builds on a series of recent company milestones, including the launch of two new insurance products in the last six months, Admitted Cyber and E&S MPL; the addition of Adam Tyra as GM of the company’s Security Services business unit; and surpassing $380 million in annual recurring gross written premium (ARGWP).

At-Bay’s comprehensive coverage, combined with its Active Risk Monitoring services, empowers its more than 28,000 insureds to proactively manage their digital risk. As a result, At-Bay customers experience 5x fewer ransomware attacks compared to the industry average.

Source: Yahoo Finance

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