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Insurtech company At-Bay has announced that it has become a full-stack insurer thanks to the acquisition of At-Bay Specialty Insurance Company from XL Insurance America.
Delaware-based At-Bay Specialty Insurance Company is a 44-state licensed over and surplus property and casualty insurer. As part of the transaction, Gregg Davis and Rob Glanville will join the newly acquired business as independent directors.
According to At-Bay, the move to a full-stack carrier will not only enable it to better serve its policyholders, it will also facilitate planned product expansion into additional specialty lines. The move will give At-Bay “greater control over the entire insurance value chain” and strengthen its commitment to the wholesale channel, the company said in a release.
At-Bay co-founder and CEO Rotem Iram said: He addresses key issues in insurance, and cyber and digital risk. ”
At-Bay now offers cyber, technology E&O, and other professional liability insurance through wholesale brokers and digital channels. The company aims to issue policies through carriers later this year.
Last August, At-Bay partnered with Builders & Tradesmen’s Insurance Services to launch a new cyber insurance marketplace. The marketplace is currently accessible in 27 states with over 1,000 class codes available. This includes recently added options for $50M to $100M revenue businesses including retail and food service, hospitals and healthcare, finance, technology and construction.
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