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.
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.