Is At-Bay profitable in 2026?

Not confirmed as profitable. In March 2026 At-Bay laid off 25 R&D staff in Israel, cutting local headcount from 340 to about 315, explicitly framed as a shift toward operating profitability, suggesting it was not yet consistently profitable before this cost-cutting push.

What is At-Bay's current valuation?

At-Bay's last disclosed valuation is $1.35 billion, set in July 2021 via a $185 million Series D plus a $20 million extension in October 2021. As of mid-2026, no newer funding round has been publicly reported, meaning the valuation has been frozen for roughly five years.

Could AI replace At-Bay's underwriting business?

Agentic AI underwriting tools (Sixfold, Federato, FurtherAI) are automating intake-to-decision workflows industry-wide, with 82% of carriers planning agentic AI adoption within three years per Deloitte (May 2026). But At-Bay's insurance license and A.M. Best A- rated carrier status are regulatory barriers pure AI vendors cannot replicate.

Who is At-Bay's biggest competitor?

Coalition is At-Bay's closest tech-driven rival and is the largest cyber insurer by policy count in North America as of 2026. Travelers also entered the space by acquiring tech-forward insurer Corvus in January 2024, giving a legacy incumbent a comparable product.

At-Bay is privately held and venture-backed, with investors including Lightspeed Venture Partners, ICON Ventures, Khosla Ventures, Glilot Capital, and Munich Re Ventures' HSB fund. It has no public listing or acquiring parent company as of mid-2026.

Did At-Bay have layoffs in 2026?

Yes. In March 2026, At-Bay laid off 25 R&D staff at its Tel Aviv, Israel office, reducing local headcount from about 340 to roughly 315, a move the company tied to transitioning toward operating profitability amid broader 2026 tech layoffs.

Cybersecurity companies · United States

At-Bay

at-bay.com ↗

Licensed cyber insurance carrier bundled with an in-house risk monitoring and MDR platform.

Losing its protection

Assessed 21 July 2026 · Evidence as of 21 July 2026

The structural protection is eroding.

On the recordSince 21 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: Next funding round, down-round valuation mark, or acquisition rumor

The call

At-Bay keeps its insurance license and policyholder base, but five years without a new funding round, layoffs, and exclusion from CrowdStrike's frontier-AI risk framework mark a company under pressure rather than pulling ahead of Coalition or Travelers.

At-Bay sells cyber insurance (protection against hacking and data theft) and includes its own threat-detection software called Stance. It has a real insurance license and $250 million in revenue, which is hard for pure software companies or AI startups to copy outright because insurance requires government approval and billions in reserve cash. However, At-Bay is squeezed from multiple angles: its valuation has not grown in five years, larger rivals like Travelers have bought their way into cyber insurance (buying Corvus in 2024), AI companies are automating the work of underwriters (deciding who gets insured), and claims are rising while premiums are falling, which hurts profits. The company's next funding round or acquisition price will signal whether it can compete or will be forced into a down-round deal or slow decline.

Why

AI pressure: Agentic AI underwriting tools like Sixfold, Federato, and FurtherAI. These tools automate intake-to-decision underwriting work, squeezing the labor and speed edge At-Bay sells to brokers. Could AI do the core job? Only partly.

Bigger players: Travelers (via Corvus acquisition) and Coalition scaling ahead in policy count. Travelers bought its way into cyber underwriting with Corvus in 2024, and Coalition already writes more policies than At-Bay. Could a giant copy it? Probably.

What protects it. An A.M. Best A- licensed carrier with its own balance sheet, which pure AI or software vendors cannot replicate without becoming an insurer.

What would change this call

At-Bay announces a new funding round or valuation mark within 12 months. Flat or down valuation would confirm investor caution versus the frozen $1.35B mark since 2021.
Additional layoffs or restructuring beyond the March 2026 Israel R&D cuts. Would show the profit-push cost cutting is deepening, not a one-time adjustment.
At-Bay's policy count or loss ratio disclosures compared to Coalition's growth. Would show whether At-Bay is losing ground in scale or profitability during the hardening cycle.

Key numbers

40,000 policyholders, $60B risk under management (2025-2026)
Valuation stuck at $1.35B since Series D (2021-10)
25 R&D staff laid off in Israel office (2026-03-03)

Named risks

Valuation frozen at $1.35B since 2021 with no new funding round through mid-2026. Severity: high
Cyber insurance premiums declining ($9.14B in 2026) while claims rise 40%, pressuring loss ratios. Severity: high
334% gross premium-to-surplus ratio at carrier subsidiary raises solvency concerns. Severity: high
Excluded from CrowdStrike's Project QuiltWorks frontier-AI risk alliance as of June 2026. Severity: medium
March 2026 R&D layoffs signal cost pressure and possible further restructuring. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Coalition	gaining on	Coalition named largest cyber insurer by North America policy count as of 2026-05
Travelers (via Corvus)	losing to	Travelers completed acquisition of tech-forward insurer Corvus in 2024-01, proving incumbent buy-in strategy
Resilience, Coalition, Marsh	losing to	Excluded from CrowdStrike's Project QuiltWorks frontier-AI risk framework as of 2026-06-21
Chubb, AIG, AXA XL	contesting	Incumbent giants continuing to dominate large-enterprise cyber programs through 2026

Questions people ask

Is At-Bay profitable in 2026?: Not confirmed as profitable. In March 2026 At-Bay laid off 25 R&D staff in Israel, cutting local headcount from 340 to about 315, explicitly framed as a shift toward operating profitability, suggesting it was not yet consistently profitable before this cost-cutting push.
What is At-Bay's current valuation?: At-Bay's last disclosed valuation is $1.35 billion, set in July 2021 via a $185 million Series D plus a $20 million extension in October 2021. As of mid-2026, no newer funding round has been publicly reported, meaning the valuation has been frozen for roughly five years.
Could AI replace At-Bay's underwriting business?: Agentic AI underwriting tools (Sixfold, Federato, FurtherAI) are automating intake-to-decision workflows industry-wide, with 82% of carriers planning agentic AI adoption within three years per Deloitte (May 2026). But At-Bay's insurance license and A.M. Best A- rated carrier status are regulatory barriers pure AI vendors cannot replicate.
Who is At-Bay's biggest competitor?: Coalition is At-Bay's closest tech-driven rival and is the largest cyber insurer by policy count in North America as of 2026. Travelers also entered the space by acquiring tech-forward insurer Corvus in January 2024, giving a legacy incumbent a comparable product.
Who owns At-Bay?: At-Bay is privately held and venture-backed, with investors including Lightspeed Venture Partners, ICON Ventures, Khosla Ventures, Glilot Capital, and Munich Re Ventures' HSB fund. It has no public listing or acquiring parent company as of mid-2026.
Did At-Bay have layoffs in 2026?: Yes. In March 2026, At-Bay laid off 25 R&D staff at its Tel Aviv, Israel office, reducing local headcount from about 340 to roughly 315, a move the company tied to transitioning toward operating profitability amid broader 2026 tech layoffs.

Timeline

2026-06-21CrowdStrike expands Project QuiltWorks AI-risk framework to Coalition, Resilience, Marsh; At-Bay excluded
2026-04-22At-Bay publishes 2026 InsurSec Report citing Akira ransomware and SonicWall VPN exposure trends
2026-03-18At-Bay launches Post-Cyber Event Hardening service offering up to 100 hours remediation
2026-03-03At-Bay lays off 25 R&D staff in Israel, cutting headcount from 340 to ~315
2025-10-02At-Bay launches InsurSec Packages bundling MDR with zero-retention ransomware coverage
2024-01-02Travelers completes acquisition of cyber insurer Corvus Insurance
2021-10At-Bay closes $20M Series D extension
2021-07-27At-Bay closes $185M Series D at $1.35 billion valuation
2016At-Bay founded (originally as Cyberjack) by Rotem Iram and Roman Itskovich

Revision history

21 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Seqrite Meiya Pico NSFOCUS