AM Best Gives A- Rating to At-Bay Specialty; Fischel Hired as At-Bay CFO

April 19, 2023

At-Bay said insurance industry rating agency AM Best has assigned At-Bay Specialty Insurance Company a financial strength rating of A- (Excellent). At-Bay Specialty Insurance Company is a Delaware-domiciled excess and surplus (E&S) lines property and casualty (P&C) carrier, acquired by At-Bay in January 2023.

“At-Bay is on a mission to accelerate the growth and innovation needed to build the next generation of insurance for the digital age,” said Rotem Iram, CEO and co-founder of At-Bay, and chairman of the board for Delaware-domiciled At-Bay Specialty Insurance Company. “The A- rating from AM Best is the latest milestone on our journey toward making that goal a reality.”

Related: At-Bay Acquires Licensed P&C Insurance Carrier

At-Bay additionally announced the hiring of Ari Fischel as chief financial officer. Fischel has 20 years of financial and operational experience and was most recently CFO at Capital-Rx, one of the fastest growing health tech companies in North America. Prior to Capital-Rx, Fischel was vice president of finance and accounting at insurtech Oscar, where he helped to lay the groundwork for the company’s initial public offering.

As primarily an E&S cyber carrier, At-Bay said it aims to better serve its policyholders and valued brokers by expanding into additional specialty lines and offering innovative solutions to address new and emerging risks among today’s small-to-mid-sized businesses. At-Bay said it expects to start writing policies on its own paper later this year.

AM Best said the ratings “reflect At-Bay’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.”

The rating agency said “solid results are expected” during the execution of At-Bay’s strategic business plan over the next five years. “At-Bay is anticipating premium growth over this period due to the rapidly growing cyber insurance market,” AM Best added.

At-Bay said it provides security prevention and insurance protection solutions to nearly 30,000 businesses in the U.S. and surpassed $380 million in annual recurring gross written premium (ARGWP) in 2022, offering cyber, tech E&O, and miscellaneous professional liability.

Topics AM Best

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