Insurtech company At-Bay announced that it has become a full-stack insurance company with the acquisition of At-Bay Specialty Insurance Company from XL Insurance America.
At-Bay Specialty Insurance Company, located in Delaware, is an excess and surplus property insurance company licensed in 44 states. As part of the transaction, Gregg Davis and Rob Glanville will join the newly acquired business as independent directors.
According to At-Bay, the move to a full-stack carrier will allow it to better serve its policyholders and speed up the expansion of its planned product into other specialty areas. 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 release.
Rotem Iram, co-founder and CEO of At-Bay, said: “This milestone will allow us to accelerate the pace of innovation and better serve our brokerage partners and customers. Becoming an insurance company further strengthens the The promise of next-generation insurance business.” Insurance, and addressing the serious challenges of cyber and digital risk. “
Currently, At-Bay offers cyber, technical E&O and other professional liability insurance through wholesale brokers and digital channels. The company aims to release the policy through its carriers later this year.
Last August, At-Bay launched a new cyber insurance marketplace in partnership with Builders & Tradesmen’s Insurance Services. The marketplace is currently available in 27 states and offers more than 1,000 category codes, including recently added options for businesses with $5 billion to $100 million in revenue, including retail and food services, hospitals and healthcare, finance, technology, construction and more.