At-Bay

At-Bay is a US cyber-insurance company founded in 2016 in Mountain View, California by Rotem Iram (CEO, ex-Unit 8200, K2 Intelligence), Etai Hochman, and Roman Itskovich. It pioneered what it calls the "InsurSec" model — bundling a cyber insurance policy with a proprietary attack-surface risk-signal platform and, more recently, a Managed Detection and Response (MDR) service.

Funding and ownership. At-Bay has raised approximately $292M cumulative across Series A–D. Series A ($13M, 2018) was co-led by Khosla Ventures and Lightspeed. Series C ($34M, December 2020) added Qumra Capital and M12 (Microsoft's venture fund). Series D reached $205M in 2021 at a $1.35B valuation ($185M co-led by Icon Ventures and Lightspeed, plus a $20M extension adding ION Crossover Partners). Other investors include Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, and Shlomo Kramer. No Series E or F has been announced as of April 2026; the company remains independent.

Business footprint and structural shift. At-Bay launched as a classic cyber MGA underwriting on HSB Specialty (Munich Re) paper. In January 2023 it acquired a licensed P&C insurance carrier from XL Insurance America and rebranded it At-Bay Specialty Insurance Company — an E&S carrier licensed in 44 US states. Since August 2023 it writes cyber and Tech E&O on its own paper, making it a full-stack carrier on the surplus side. It continues to operate as an MGA through a Markel Corporation subsidiary for MPL and its admitted cyber product. It reports nearly 40,000 customers representing over $800B in aggregate revenue across 100+ industries, with cyber coverage now available up to $5B in insured revenue.

Core product: Stance + MDR. At-Bay's proprietary risk engine ingests external attack-surface signals (VPN configuration, exposed credentials, email authentication, remote access tool presence) and its own historical claims data to underwrite in seconds through a broker portal. The Stance InsurSec platform is included with policies carrying the Embedded Security Endorsement. In 2023 At-Bay launched Stance MDR, a 24/7 SOC service run by At-Bay Security, LLC (a wholly-owned subsidiary), averaging under 15 minutes from detection to containment. MDR is sold separately and is not required for insurance coverage. At-Bay reports cyber claims frequency below half the industry average.

Positioning versus Coalition. Coalition and At-Bay are the two archetypal AI-native cyber MGAs born in the 2016–2017 window. Both automate underwriting via real-time threat intelligence and proprietary loss data. They diverge on two axes: (1) Carrier posture — Coalition remains a pure MGA dependent on Allianz, Swiss Re, Arch, and Lloyd's capacity; At-Bay now writes on its own E&S paper (A-rated via A.M. Best affirmations in 2024) while retaining Markel for admitted business. (2) Geographic and product scope — Coalition is licensed in the US, UK, Canada, and Australia with a broader surplus footprint; At-Bay is US-only and has deliberately narrowed scope, sunsetting its admitted product in 2025 and winding down the Relay multi-carrier placement platform (acquired 2022) in 2024. Coalition raised ~$800M and sits at a reported $5B valuation; At-Bay has raised ~$292M at a $1.35B valuation and has not marked up since 2021.

What it replaces and market headwinds. At-Bay automates the legacy cyber submission-review workflow (broker email → underwriter desk → multi-week quote), and it increasingly replaces third-party MDR spend for SMB/mid-market insureds through bundling. But the "InsurSec" thesis faces capital-efficiency scrutiny: 2024–2025 saw two rounds of layoffs (~10% of workforce and 25 Israeli R&D roles), the Relay closure, and the admitted-cyber exit. The broader cyber market is hardening (S&P forecasts 15–20% premium growth in 2026; claims severity up 13% year-over-year) which is tailwind for At-Bay's E&S book, but capacity provider appetite and Munich Re reinsurance terms remain structural dependencies even with own-paper underwriting.

MGA-vs-platform caveat. At-Bay markets itself as an "InsurSec provider" — not a SaaS platform sold to other carriers. Its risk engine and Stance tooling are not licensed to third-party insurers. Any enterprise seeking At-Bay's underwriting capability must transact through At-Bay as the risk-bearing (or MGA) counterparty. This is the opposite of Federato, Cytora, or hyperexponential, which sell underwriting workbenches into carriers.