Thursday, January 26, 2023
HomeInsurance LawAt-Bay bolsters operations with acquisition of P&C insurer

At-Bay bolsters operations with acquisition of P&C insurer

US-based digital insurer At-Bay has bought At-Bay Specialty Insurance coverage Firm from XL Insurance coverage America for an undisclosed sum.

With a licence to function in 44 US states, the acquired entity is an extra and surplus (E&S) line property and casualty (P&C) insurance coverage firm.

By means of the acquisition of a full-stack service, At-Bay hopes to speed up product growth into new speciality strains of enterprise.

Moreover, the settlement is anticipated to extend At-Bay’s dedication to the wholesale channel whereas giving it extra management over the insurance coverage worth chain.

At-Bay co-founder and CEO Rotem Iram mentioned: “This milestone will enable us to speed up the tempo of our innovation and higher serve our dealer companions and prospects.

“Turning into an insurance coverage service additional cements our dedication to construct the following era of insurance coverage, and deal with the vital problem of cyber and digital threat.”

Of their new roles as impartial administrators, Gregg Davis and Rob Glanville will be a part of the lately acquired entity.

At the moment, At-Bay gives cyber, know-how errors and omissions (Tech E&O), and miscellaneous skilled legal responsibility (MPL) insurance coverage by way of wholesale intermediaries and on-line channels.

Later this 12 months, the corporate plans to start issuing insurance policies by its service.

The acquisition of At-Bay Specialty Insurance coverage Company provides to the corporate’s latest accomplishments, such because the introduction of two new insurance coverage merchandise previously six months and recording $380m in annual recurring gross written premium (ARGWP), the insurer mentioned.

In August 2022, At-Bay acquired Relay, which gives a digital placement resolution for a variety of economic strains.



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