At-Bay

At-Bay is a cyber insurance carrier with the intent to provide tailored insurance products and security insights based on company IT systems and vulnerabilities.

Brokers can generate reports on the security and financial exposure of their client, to assist in matching cyber products to a customer's needs. At-Bay monitors and manages IT systems, providing businesses with security reports, alerting customers of new vulnerabilities and helping fix them. When a business has an incident, its experts provide assistance in managing the problem. Its IT security is free and included with policies.

In 2019, At-Bay worked with over 9,000 companies.

The company raised $34m in Series B funding in February, led by Munich Re Ventures and Acrew Capital. The company stated it planned to use the funds to accelerate product offerings and deepen its underwriting and claims management services. At-Bay has received previous investment from Khosla Ventures, Lightspeed Venture Partners and more.

In December 2020 At-Bay raised a $34m Series C, adding Microsoft's M12 venture fund as a new investor, less than a year after its Series B in February.

In July 2021 Alt-Bay reached Unicorn status with a valuation of $1.35bn, after closing a $185m Series D round. It was the company's third round in just 18 months. Alt-Bay's valuation has seen a fourfold increase in 7 months since its last $323m valuation back in December.

In May 2022 At-Bay launched a new cyber and tech errors and omissions (E&O) program, backed by Trisura Specialty Insurance Company and The Hartford Steam Boiler (HSB). The company also revealed its GWP had increased by 600% in the last year, reaching $240M.

In August 2022 At-Bay acquired Relay Platform, a startup which focuses on commercial insurance brokers in the US and Canada, complementing At-Bay's digital distribution strategy through its access to Relay's platform and API. Relay, founded in 2019, is a comparative-rating solution for P&C lines across different mediums, and has reported 10x growth in its cyber submissions in the past year. 

During October 2022 the company said it was teaming up with Guidewire Cyence to set a new standard in cyber risk underwriting.

Later in December 2022 the company launched its Miscellaneous Professional Liability product to wholesale brokers, multi-carrier platform providers and other distribution platforms partners servicing the insurance and SME business communities. MPL API seamlessly integrates across multiple environments.

In January 2023  At-Bay became a full-stack carrier after acquiring an E&S insurer from XL Insurance America, which has a license in 44 states.  The move will enable the company to accelerate its innovation in the cyber and digital risk space, and it will begin issuing policies via its carrier later in 2023. 

During April 2023 the company added to the Sayata marketplace for insurance brokers and carriers.