At-Bay acquires licensed non-life insurance company

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Managing general agent At-Bay said it has acquired an excess and excess line insurer licensed in 44 states from XL Insurance America to now become a full-stack carrier.

“This milestone enables us to accelerate the pace of our innovation and better serve our brokerage partners and clients,” said Rotem Iram, co-founder and CEO of San Francisco-based At-Bay. “Becoming an insurance company reinforces our commitment to building the next generation of insurance and addressing the critical challenge of cyber and digital risk.”

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Terms have not been disclosed.

At-Bay currently offers cyber insurance, technological errors and omissions and various professional liability insurance policies through wholesale brokers and digital channels. The company said it plans to issue policies through its carrier later this year.

At-Bay’s coverage and monitoring services “enables its more than 28,000 policyholders to proactively manage their digital risks. As a result, At-Bay customers experience 5x fewer ransomware attacks compared to the industry average.”

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At the same time, At-Bay announced that Gregg Davis and Rob Glanville will be joining the newly acquired At-Bay Specialty Insurance Company as independent directors. Davis served as CFO of James River Group for 10 years, ending in 2016. He now serves on several boards, including STP Insurance Services. Glanville is a senior advisor at REG Consulting.

Related: Industry Veterans Carmilani, Lockton Join At-Bay’s Board of Directors

In August, At-Bay acquired Relay, a provider of digital placement solutions with a focus on cyber.

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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.

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Mergers and Acquisitions Property Damage

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