According to At-Bay, the move to a full carrier will allow it to better serve its policyholders and accelerate its planned product expansion into additional specialty lines. The move also gives At-Bay “more control over the entire insurance value chain” and strengthens its commitment to the wholesale channel, the company said in a statement.
“This milestone will allow us to accelerate the pace of our innovation and better serve our broker partners and customers,” said At-Bay co-founder and CEO Rotem Iram. “Becoming an insurance company further cements our commitment to building the next generation of insurance and addressing the critical challenge of cyber and digital risk.”
Today, At-Bay offers cyber, technology, E&O, and various professional liability insurance through wholesale brokers and digital channels. The company aims to issue policies through its operator later this year.
Last August, At-Bay partnered with Builders & Tradesmen’s Insurance Services to launch a new cyber insurance marketplace. The market is currently accessible in 27 states with over 1,000 class codes available, including recently added options for businesses with revenues of $50-$100 million, including retail and food services, hospitals and healthcare, finance, technology , construction and more.