13 May 2022Reinsurance

At-Bay creates new cyber insurance programme

Cyber insurance provider At-Bay has launched a new cyber insurance programme backed by two specialty insurance providers: 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.”

The new program gives At-Bay additional capacity to further extend its sustainable growth, while keeping in place the core of the company’s cyber program, including terms, pricing, appetite, and its proprietary active risk monitoring services.

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.