Cyber insurance provider At-Bay has appointed Stephanie Lynch to be its new head of reinsurance.
Along with Adam Petrone, who will become the firm’s head of insurance operations and strategy, Lynch is joining the company to work with reinsurers to increase capacity. Most recently, she served as vice president at Safety National Re, where she was focused on underwriting the growing professional liability portfolio, and before that Arch Re, where she worked in an actuarial reserving and financial reporting capacity before transitioning to underwriting, focusing on professional liability.
In a statement, Lynch said: “I’m thrilled to join the incredibly talented and innovative team at At-Bay and look forward to growing relationships with our reinsurance partners.”
She added: “At-Bay’s ability to actively monitor the cyber risk and vulnerabilities of their insureds is a major advancement over what insurance has traditionally provided, the impact of which has been clearly demonstrated in how the company has been able to keep incredibly low loss ratios despite the volatile market.”
In his new role, Petrone will oversee the strategic deployment of insurance operations and underwriting resources to drive scalable growth. Petrone most recently served as senior vice president at Hiscox, leading the Northeast region of the U.S. broker business. While there, he held P&L responsibility and owned business planning for 12 product lines and more than 20 underwriters.
At-Bay’s plans for growth seem to have been brewing for some time. Back In September, the company announced that it was entering into a partnership with software giant Microsoft to address the latter’s cybersecurity needs while reducing the risk of loss to insurers.
That partnership will see businesses in the United States that use Microsoft 365 becoming eligible for savings on their At-Bay cyber insurance policy premiums if they implement specific security controls and solutions, including multifactor authentication and Microsoft Defender for Office 365.
Microsoft said at the time that it was also actively working with At-Bay to identify additional ways to improve the digital risk exposure of its customers and proactively address vulnerabilities
2021 also saw the firm sign a partnership with Cloudflare and closed on $205m in funding on a valuation of $1.3bn.