Cyber MGA to Support Own Program With Newly Formed Captive After Year of Record Performance
SAN FRANCISCO–(BUSINESS WIRE)–At-Bay, the cyber insurance provider for the digital age, today 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).
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.
“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.”
“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).
At-Bay is the cyber insurance provider for the digital age. By combining world-class technology with industry-leading insurance expertise, At-Bay was designed from the ground up to empower businesses to thrive in the digital world. At-Bay is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital. www.at-bay.com
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). www.hsb.com
About Trisura Specialty Insurance Company
Trisura, rated A- by A.M. Best, is a leading international specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance segments of the market. Trisura has three principal regulated subsidiaries: Trisura Specialty Insurance Company in the U.S., Trisura Guarantee Insurance Company in Canada, and Trisura International Insurance Ltd. in Barbados. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU.” www.trisura.com
About Skyward Specialty Insurance Group, Inc.
Skyward Specialty is a growing specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. Skyward Specialty’s subsidiary insurance companies, rated A- by A.M. Best, consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. www.skywardinsurance.com