At-Bay business insurance

Overview

At-Bay is a cyber insurer. It began as a managing general agent writing on other companies' paper, and since 2023 it has issued most of its policies through its own excess and surplus lines carrier, At-Bay Specialty Insurance Company, a Delaware-domiciled insurer it bought from XL Insurance America (part of AXA XL). A separate entity, At-Bay Insurance Services LLC, is the agency side: its licensing page describes it as a property and casualty agency and surplus lines broker licensed in all 50 states and the District of Columbia, offering coverage underwritten by non-admitted insurers. So when you buy At-Bay, the policy is normally issued by At-Bay Specialty, placed through At-Bay's own surplus lines agency, and sold to you by your broker.

It sells three lines, all professional and financial: cyber, technology errors and omissions, and miscellaneous professional liability (MPL). Every cyber and tech E&O policy comes with access to At-Bay Stance, the company's security platform, which is the core of what At-Bay calls "InsurSec": monitoring and security tools paired with the policy. At-Bay makes money the way an insurer does, from underwriting premium on the risks it keeps, plus agency income on business it places and fees for security services. Munich Re reported At-Bay's 2025 gross written premium at $278 million (US GAAP) plus $23 million of cyber fee service revenue, and called it a top-10 U.S. cyber insurer.

On August 19, 2026, Munich Re agreed to buy At-Bay at an enterprise value of $575 million. After closing, which is expected in the first quarter of 2027 subject to regulatory approvals, At-Bay will be overseen by HSB (Hartford Steam Boiler), part of Munich Re's specialty insurance business. Until then At-Bay is an independent, venture-backed company.

History

Rotem Iram (CEO) and Roman Itskovich (chief risk officer) founded At-Bay in 2016; Munich Re's announcement dates the HSB partnership to the company's founding in 2017. The founders came from Israel's cybersecurity world, and the company still runs engineering and product work there alongside its U.S. base in San Francisco.

The carrier history matters if you are reading an older policy:

• Early years to 2021: At-Bay operated as a managing general underwriter. Policies were issued by HSB Specialty Insurance Company, a Munich Re company.
• May 2022: At-Bay launched a new program with Trisura Specialty Insurance Company as issuing carrier for cyber and tech E&O. HSB stayed on as its largest capital provider and lead reinsurer, a reinsurance panel sat behind it, and At-Bay formed its own captive reinsurer to keep a share of every risk. At-Bay said its gross written premium run rate passed $240 million in 2021.
• 2021 funding: a $185 million round valued the company at $1.35 billion, according to Business Insurance; the HSB fund of Munich Re Ventures was an existing investor. At-Bay's About page now lists $295.7 million in total funding.
• January 2023: At-Bay completed its purchase of a Delaware E&S insurer licensed in 44 states from XL Insurance America and renamed it At-Bay Specialty Insurance Company (NAIC 19607). It had launched admitted cyber and E&S MPL products in the preceding six months and reported more than $380 million in annual recurring gross written premium.
• April 2023: AM Best assigned At-Bay Specialty an A- (Excellent) financial strength rating, and At-Bay began moving new E&S cyber and tech E&O business onto its own paper later that year.
• August 2026: Munich Re agreed to acquire the company.

Business insurance products

At-Bay's products are written for brokers and sold through them.

• Cyber. Primary and excess, for businesses with up to $5 billion in revenue and limits up to $10 million. The coverage highlights include direct and contingent business interruption and system failure, social engineering and invoice manipulation cover for all classes, full limits for cryptojacking and "bricking," broad cyber extortion cover including cryptocurrency payments, reputational harm, and privacy regulatory cover including GDPR and CCPA. Underwriters can manuscript endorsements.
• Technology E&O. Primary and excess, same revenue and limit ceilings. Notable terms: breach-of-contract cover beyond standard tech liability, no exclusion for breach of warranties or consequential damages, broad IP infringement cover, and service credits treated as damages when issued to settle a claim. See Technology E&O insurance for software, SaaS and IT firms and Cyber insurance vs tech E&O: which policy pays when for how the two policies fit together.
• Miscellaneous professional liability. Primary only, limits up to $5 million, on a claims-made and reported basis with an 80/20 hammer clause and a duty to defend. State restrictions apply.

At-Bay also sells "InsurSec" packages. The Core tier is included through an embedded security fee and opens a financial fraud sublimit of up to $500,000 when the insured activates Fraud Defense. Advanced and Complete tiers require buying At-Bay's managed detection and response service (priced per user per month on its site) and in exchange reduce the ransomware retention, remove the ransomware waiting period, and raise the fraud sublimit. Premium credits are available. Read the ransomware terms closely: the better ones depend on the security services being in place.

Who it insures

The core market is small and midsize U.S. businesses that depend on technology but lack an in-house security team. At-Bay's About page claims more than 35,000 policyholders in over 100 industries. Its Broker Platform gives automatic quotes for companies with up to $100 million in revenue and limits up to $3 million; larger accounts, up to $5 billion in revenue, go to an underwriter. Tech E&O is aimed at Software and SaaS company insurance, IT service firms and other technology businesses at every stage. MPL covers a range of professional service firms; the appetite guide lists eligible classes.

Because most At-Bay business is written on a surplus lines basis, there is no state guaranty fund behind it, and the surplus lines tax and filing rules of your home state apply (see excess and surplus lines insurance explained).

How to buy

Through a broker only. At-Bay works with both retail agents and wholesale brokers, and has regional underwriting leads for each channel. Brokers can quote and bind on the Broker Platform, email submissions to underwriting, or use the REST API, which At-Bay says produces bindable cyber, tech E&O and MPL quotes in under two minutes and which it offers to digital platforms, agency quoting systems and professional associations. There is no direct-to-business quote on at-bay.com.

Expect the underwriting to look at your external attack surface. At-Bay scans applicants and policyholders and flags exposures such as open remote access, which it has identified as a leading ransomware entry point. If you want the best ransomware terms, plan on the controls in MFA, EDR and backups: the controls cyber insurers now require.

Claims

Claims are handled in house by a team led by At-Bay's general counsel and head of claims. For a ransomware attack or other incident needing immediate action, the site says to call the At-Bay breach coach at 650-850-5408 or email [email protected]. At-Bay's claims staff then assemble the response, choosing from a published panel of breach counsel, forensics, notification and PR firms, or At-Bay's own Response & Recovery team. Check your policy's consent wording before hiring your own vendors; most cyber policies pay vendor costs only with the insurer's consent. what happens when you file a cyber claim walks through the sequence.

Financial strength and ratings

AM Best assigned At-Bay Specialty Insurance Company a financial strength rating of A- (Excellent) in April 2023, citing a very strong balance sheet, adequate operating performance and a limited business profile. In August 2026, after the Munich Re agreement, AM Best placed the A- rating and the "a-" issuer credit rating under review with positive implications, pending the close and its review of parental support. At-Bay is not rated by S&P, Moody's or Fitch as far as public releases show, and it is not ranked in J.D. Power's small commercial study.

Reinsurance has always been central. HSB has been At-Bay's largest capital provider and lead reinsurer, so the Munich Re deal brings in-house a relationship that already carried much of the risk.

Strengths and weaknesses

At-Bay is a specialist with a decade of data on small-business cyber claims and a model that ties coverage to active security. That suits buyers who will use the tools. Businesses that just want a cheap policy, or that buy without a broker, will find it less accessible.

• Strengths: Its own A- rated E&S carrier, with HSB and Munich Re behind it and a pending acquisition under review with positive implications; broad cyber and tech E&O wording, including contingent BI, bricking and service-credit cover; in-house claims and breach coach; fast broker quoting up to $100 million in revenue.
• Weaknesses: Mostly non-admitted paper with no guaranty fund protection; sold only through brokers; the best ransomware and fraud terms require buying At-Bay's own security services; ownership and integration will change once Munich Re closes in 2027.

How to contact At-Bay