At-Bay acquires P&C insurance carrier
Business insurance startup At-Bay completed the acquisition of At-Bay Specialty Insurance Company, a Delaware-domiciled excess and surplus lines property and casualty insurer licensed in 44 states, from XL Insurance America, Inc. Industry veterans Gregg Davis and Rob Glanville will join the newly acquired At-Bay Specialty Insurance Company as independent directors.
The move to a full-stack carrier will allow the company “to better serve its policyholders” and accelerate planned product expansion into additional specialty lines, as well as give At-Bay more control over the entire insurance value chain, while “strengthening its commitment to the wholesale channel.” The startup has over 28k policyholders and it surpassed $380 million in annual recurring gross written premium.
At-Bay currently offers Cyber, Technology Errors & Omissions and Miscellaneous Professional Liability insurance through wholesale brokers and digital channels, and the company intends to start issuing policies via its carrier later this year.
“This milestone will allow us to accelerate the pace of our innovation and better serve our broker partners and customers. Becoming an insurance carrier further cements our commitment to build the next generation of insurance, and tackle the critical challenge of cyber and digital risk. – Rotem Iram, co-founder and CEO of At-Bay.
Bottom Line: With this move, At-Bay joins the growing list of MGAs-turned-carriers, which includes Clearcover, Coalition, Embroker, Hippo, Next, Openly, Pie, and Vouch.