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May 12, 2022

At-Bay launches new cyber programme backed by Trisura

US-based cyber insurance provider At-Bay has launched a new cyber insurance programme backed by two speciality insurance players and At-Bay’s captive reinsurer.

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Trisura Specialty Insurance Company will be the issuing carrier for the cyber and tech E&O programme.

Whereas, At-Bay’s largest capital provider and lead reinsurer, the Hartford Steam Boiler Inspection and Insurance Company (HSB) is increasing its 2022 capital commitment.

Other than the captive, the programme is also backed by a panel of reinsurance partners, who collectively provide the capacity to further growth initiatives.

At-Bay co-founder and chief risk officer Roman Itskovich said: “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.

“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.”

The captive allows At-Bay to keep operating as an MGA, while it retains a portion of every risk it underwrites.

Trisura president and CEO Michael Beasley said: “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.”

HSB chief underwriting officer Dave Firstenberg said: “We are committed to remaining a close partner of At-Bay, and this new programme is yet another positive step forward that enables At-Bay to continue delivering exceptional results.”

In October 2021, At-Bay extended its Series D funding round to $205m, which valued the firm at $1.35bn.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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