Six years ago, when we realized that insurance companies were not designed for digital risk, our vision for At-Bay was born: a new insurance operating system that would birth the next generation of the insurance industry. It’s always been an ambitious and far-reaching goal.
Today, we’ve taken a major step by acquiring At-Bay Specialty Insurance Company, a broadly licensed excess and surplus (E&S) lines property and casualty (P&C) carrier, from XL Insurance America, Inc. We are also happy to welcome industry veterans Gregg Davis and Rob Glanville to the board of At-Bay Specialty Insurance Company as Independent Directors.
Taking on balance sheet risk and owning our own insurance carrier are crucial steps on our journey. We aspire to build an industry-leading insurance company that will not only redefine insurance but will also meaningfully reduce cyber risk.
What It Means To Be A Full-Stack Carrier
As a full-stack insurance company, we will have more flexibility and control over our own products and will be able to accelerate the pace of our innovation. We are also cementing our commitment to building a lasting insurance company.
This move further aligns us with our brokers and reinsurance partners, provides more stability, and meaningfully strengthens our economics. It requires us to mature our internal controls and governance — but we have already built many of those from the very beginning, always seeing ourselves as a financial institution in the making with serious responsibility toward our customers and capital partners.
While we’ve finalized the acquisition, there is no immediate change to our program. We still have some work to do to secure a strong rating, and we’ll facilitate a smooth transition for our partners and will share information about our future plans well in advance of any change.
Where We Started And How Far We’ve Come
This milestone, albeit technical and full of complexity, is also moving. It reminds me of how far we’ve come in such a short time.
When we started At-Bay back in 2016, it wasn’t trivial for a team of entrepreneurs to proclaim that we would build an insurance company. We had no idea at the time what that would take, but if we did, I’m not sure we would have had the courage to do what we’ve now done.
With a much deeper understanding of cyber security than insurance, we had a strong thesis on how to underwrite cyber risk. Still, we knew very little about what a good insurance product should look like and what great service to our broker partners would entail. We made mistakes in those early days, but we learned quickly — and, more importantly, we were joined by an incredible and growing team that brought their own expertise. Together we went further (and faster) than any of us ever imagined.
Today, four years after launching our first insurance product, we are a full-stack insurance company with tens of thousands of customers, hundreds of millions of insurance premiums, and many incredible partners. Our team is now more than 300 people strong, and somehow, this feels like just the beginning.
To all At-Bayers, past and present, take a moment to reflect. You’ve made a dent in this world.