November 17, 2017

HSB, startup cyber-risk insurer team

A Silicon Valley insurance startup and Connecticut's Hartford Steam Boiler Inspection and Insurance have teamed up to offer commercial cyber-risk coverage, the companies say.

At-Bay, of Mountain View, Calif., formally launched operations Thursday after closing on $6 million in seed funding, officials said.

At-Bay's business model eschews pricing based on traditional actuarial assumptions in favor of up-to-the-minute risk assessments to price its coverages available through insurance brokers nationwide.

Hartford-based Hartford Steam Boiler, a unit of German insurer Munich Re, and At-Bay will partner to underwrite coverages tied to At-Bay's price-modeling matrices, officials said.

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