At-Bay, the insurance provider for the digital age, today announced that it has begun issuing Cyber and Tech E&O policies under its Delaware-based Excess and Surplus (E&S) carrier, At-Bay Specialty Insurance Company. Formed in January 2023, At-Bay Specialty Insurance Company received an AM Best A- (excellent) rating with stable outlook in April.
“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,” said Rotem Iram, CEO & Co-Founder of At-Bay, and Chairman of At-Bay Specialty Insurance Company.
“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.” In 2022, the Excess and surplus (E&S) market grew considerably – premiums increased for the fourth straight year in 2022, rising 20% to $75.5 billion from $62.9 billion in 2021.
Further establishing itself as a leader in the specialty insurance market, and setting the new standard for excellence in cyber insurance underwriting and portfolio risk management, At-Bay’s transition to At-Bay Specialty Insurance Company paper allows the company to better serve its brokers and customers, speed up innovation, and increase efficiency across the business.
“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
Policy terms, pricing and appetite of products available through At-Bay will remain the same. All E&S Cyber and Tech E&O new business in eligible states and territories is now being quoted on At-Bay Specialty Insurance Company paper, as of August 7, 2023.