Cyber MGA to Support Own Program With Newly Formed Captive After Year of Record Performance
At-Bay, the cyber insurance provider for the digital age, announced the launch of a new cyber insurance program backed by two leaders in specialty insurance: Trisura Specialty Insurance Company and The Hartford Steam Boiler Inspection and Insurance Company (HSB).
“We are committed to remaining a close partner of At-Bay, and this new program is yet another positive step forward that enables At-Bay to continue delivering exceptional results.”
Trisura serves as the new issuing carrier for the Cyber and Tech E&O program, while HSB remains At-Bay’s largest capital provider and lead reinsurer, increasing its 2022 capital commitment over the previous year. The program is also backed by a panel of reinsurance partners and At-Bay’s own newly formed captive reinsurance company, collectively providing the capacity to support long-term growth initiatives.
Latest Fintech News: Agora Data Closes Latest Crowdsourced Securitization
“We are thrilled to bring on Trisura as a partner and are equally excited that HSB is continuing to support our growth in 2022 and beyond,” said Roman Itskovich, Co-founder and Chief Risk Officer of At-Bay. “Since our inception, we have been strong proponents of helping customers strengthen their cyber security practices because their risk is our risk. Our new captive further aligns our interests with that of our customers, brokers, and reinsurance partners, making it a major milestone in At-Bay’s journey to becoming a full-stack carrier.”
At-Bay’s gross written premium (GWP) run rate surpassed $240 million in 2021 — a 600% increase over the previous year. The new program gives At-Bay additional capacity to further extend its sustainable growth, while keeping in place the core of the company’s exceptional cyber program, including terms, pricing, appetite, and its proprietary active risk monitoring services.
“At-Bay has proven its ability to manage cyber risk year-round in a growing portfolio,” said Trisura President and CEO Michael Beasley. “We consistently strive to partner with top-tier program administrators who have profitable books of business and strong underwriting discipline, and At-Bay unquestionably fits the bill.”
Latest Fintech News: BCT Digital Adds Compliance Management to Its rt360-GRC Product Suite
“At-Bay has the most complete and successful risk mitigation model I’m aware of,” said Dave Firstenberg, Chief Underwriting Officer at HSB. “We are committed to remaining a close partner of At-Bay, and this new program is yet another positive step forward that enables At-Bay to continue delivering exceptional results.”
The reinsurance program, placed by Guy Carpenter, is comprised of a panel of diverse and highly rated partners that includes Skyward Specialty Insurance, a leading specialty P&C insurer with an emphasis on tech-focused business. Forming its own captive reinsurance company, At-Bay will also retain a portion of every risk it underwrites, while remaining a Managing General Agent (MGA).
Latest Fintech News: Wolters Kluwer Launches OmniVault for Real Estate Finance
[To share your insights with us, please write to sghosh@martechseries.com]
