At-Bay vs Coalition

Verdict

At-Bay and Coalition are the two best-known "active" cyber insurers: both scan a company's internet-facing systems, bundle security tools with the policy, and sell only through brokers, never directly to a business. Both started as MGAs and are venture-backed, and both have a large insurer or reinsurer behind them. Munich Re agreed on August 19, 2026 to buy At-Bay (closing expected in the first quarter of 2027, subject to regulatory approvals), and Allianz is an investor in Coalition and is set to raise its stake under a May 2026 agreement.

The first difference is whose paper the policy is on. At-Bay has issued most of its policies since 2023 through At-Bay Specialty Insurance Company, its own surplus lines carrier, so most coverage is non-admitted and has no state guaranty fund behind it. Coalition works two ways: as a licensed agency and surplus lines broker placing policies with unaffiliated insurers, including Allianz, Arch Specialty, Zurich American and Lloyd's syndicates, and as a carrier through its admitted Coalition Insurance Company. The declarations page tells you which, and the rating that matters is the issuing insurer's.

The second is range. Coalition writes cyber, tech E&O, miscellaneous professional liability, D&O, EPL, fiduciary and crime, and since July 2026 offers cyber limits up to $25 million per policy for large enterprises. At-Bay writes cyber, tech E&O and miscellaneous professional liability, with limits up to $10 million for businesses up to $5 billion in revenue and automated quotes up to $100 million in revenue. Price depends on controls and class, so have your broker quote both.

Choose At-Bay if

• You are a technology firm wanting cyber and tech E&O wording with broad breach-of-contract and service-credit terms.
• You want one carrier's own paper and a single insurer to deal with, with HSB and Munich Re behind it.
• Your broker wants fast bindable quotes; At-Bay says its API produces them in under two minutes.
• You will buy the managed detection and response tiers in return for lower ransomware retentions.
• You can live with mostly non-admitted paper.

Choose Coalition if

• You want a management liability package (D&O, EPL, fiduciary, crime) alongside cyber.
• You need admitted cyber paper or limits above $10 million, up to $25 million per policy.
• You value in-house incident response, a separate breach response limit and pay-on-behalf ransom coverage.
• You want continuous scanning and alerts during the policy term, and are comfortable with Coalition Control.
• You operate outside the U.S.; Coalition lists Canada, the U.K., Australia, Germany, France and the Nordics.

Key differences

Before you choose, read the declarations page for the issuing insurer, the retention and sublimits for ransomware and social engineering, and which security services the better terms depend on. Check the claims-made reporting rules. Both underwrite on your external attack surface, so fix open remote access first. For background see MFA, EDR and backups: the controls cyber insurers now require, ransomware sublimits and coinsurance in cyber policies, excess and surplus lines and the business insurance quote comparison worksheet.