The company has begun the issuance of Cyber and Tech E&O (Errors & Omissions) policies through its own Delaware-based Excess and Surplus (E&S) carrier, At-Bay Specialty Insurance Company. This move marks At-Bay as the inaugural cyber InsurTech to transition into a full-stack E&S carrier, demonstrating its commitment to fostering growth and innovation in the rapidly expanding specialty market.
Established in January 2023, At-Bay Specialty Insurance Company received an esteemed AM Best A- (excellent) rating, accompanied by a stable outlook in April. This accolade underscores the company’s dedication to maintaining financial stability while enabling tech-driven agility – qualities paramount in today’s ever-changing cyber insurance landscape.
Rotem Iram, CEO & Co-Founder of At-Bay and Chairman of At-Bay Specialty Insurance Company, stated, “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. 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.”
The Excess and Surplus (E&S) market witnessed remarkable growth in 2022, with premiums surging for the fourth consecutive year to $75.5 billion from $62.9 billion in 2021. At-Bay’s progression into the At-Bay Specialty Insurance Company paper reaffirms its position as a frontrunner in the specialty insurance domain. This transition sets a novel benchmark for excellence in cyber insurance underwriting and portfolio risk management. It empowers At-Bay to optimize service to its brokers and clients, accelerate innovation, and enhance operational efficiency.
“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,” said industry veteran and At-Bay board member, David Lockton. “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,” he added.