Coalition vs At-Bay

Both sell cyber insurance mainly through brokers and pair it with security tools. Coalition runs its own admitted insurer and describes affirmative AI cover in its Active Cyber policy. At-Bay describes no AI-specific cover on the pages we read, publishes limit ranges and has agreed to be bought by Munich Re.

Read from each company’s own pages, checked 22 October 2026. We take no commissions from either.

Side by side

Coalition and At-Bay compared
	Coalition	At-Bay
What it is	Insurer and broker, with security services	Cyber insurtech: agency and surplus lines broker
Who underwrites	Its licenses page lists 15 carriers, including Coalition Insurance Company, Allianz companies, Arch, Ascot, Aspen, Lloyd’s and Zurich American. Your policy names yours.	At-Bay’s licenses page and footer name no carriers and say coverage is underwritten by non-admitted insurers. A March 2024 company overview says At-Bay Specialty Insurance Company, established in 2023, is rated A- by AM Best; the licenses page does not mention it. Munich Re’s HSB has been a strategic partner since At-Bay’s founding.
AI cover	Says its Active Cyber Policy responds to the outcome of an incident, not the technology behind it, with affirmative AI cover for deepfake fraud, AI-generated ransomware, AI-generated defamation and tech E&O claims over AI product performance for eligible businesses. Also sells a Deepfake Response Endorsement.	None described. Its cyber and tech E&O pages do not mention AI cover, and it uses “AI-powered” only for its security products. Its 2026 AI risk guide discusses a liability gap spanning data leakage, litigation, business interruption and copyright; the full guide is behind a download form.
Who it is for	Small and mid-sized businesses and larger companies, sold mainly through brokers.	Businesses with up to $5B in revenue for primary and excess cyber and tech E&O, and up to $100M through its broker platform. Munich Re says At-Bay mainly serves US small and mid-sized businesses.
How you buy	Through a broker.	Through brokers. The Broker Platform gives automatic quotes with limits up to $3M, and brokers can also email At-Bay’s underwriting team for limits up to $10M. Businesses can book a demo or consultation.
Published prices	Not published	Not published
Licenses	Publishes producer and surplus lines license numbers for all 50 states and DC.	At-Bay Insurance Services LLC is a property and casualty agency and surplus lines broker licensed in all 50 states and DC. Its licenses page shows sample numbers, such as California 0L73812. Coverage may not be available in all jurisdictions.
Ownership and funding	Private and venture-backed. In May 2026 Allianz agreed to move its standalone commercial cyber business to Coalition, making it Allianz’s exclusive cyber partner, and to increase its equity stake; Allianz first invested in 2022.	On 19 Aug 2026 Munich Re agreed to buy At-Bay at an enterprise value of $575M. At-Bay is to be overseen by HSB; closing is expected in Q1 2027, subject to regulatory approvals, and had not happened in the sources we read. Until then it is venture-backed: its about page puts total funding at $295.7M and lists investors including Acrew, Munich Re Ventures, Khosla Ventures, Lightspeed and M12. Reinsurance News reports a $185M Series D in 2021 at a $1.35B post-money valuation.
Founded	2017 (CB Insights), San Francisco	2016 (At-Bay’s about page; Munich Re’s August 2026 release says 2017)
Online reviews	Trustpilot: No reviews	Trustpilot: No reviews; G2: 4.5 from 1 review
Regulatory actions found	None found	None found

At-Bay: At-Bay’s pages that we read describe no AI-specific cover, and its own AI risk guide tells buyers to audit policies for AI exclusions, so ask for the wording.

The differences that matter

Coalition runs a licensed broker and its own admitted insurer, and its licenses page lists 15 carriers. At-Bay’s licensed entity is an agency and surplus lines broker, its pages name no carriers and say coverage is underwritten by non-admitted insurers, and a March 2024 overview names At-Bay Specialty Insurance Company, rated A- by AM Best. [1][2][3]
Coalition says AI-specific events were added to key definitions of its Active Cyber policy, and it sells a Deepfake Response Endorsement. At-Bay’s cyber and tech E&O pages describe no AI cover, and its AI risk guide advises buyers to audit policies for AI exclusions. [1][2][3]
Coalition is private and venture-backed; in May 2026 Allianz agreed to move its standalone commercial cyber business to Coalition. At-Bay agreed on 19 August 2026 to be bought by Munich Re at an enterprise value of $575M, with closing expected in Q1 2027. [1][2]
At-Bay publishes limits up to $10M for primary and excess cyber and tech E&O, for businesses with up to $5B in revenue. Coalition’s homepage says up to $25M is available on primary and excess coverage. [1][2]
At-Bay’s Broker Platform gives automatic quotes with limits up to $3M for businesses with up to $100M in revenue. Coalition’s homepage mentions a quoting platform for brokers, Broker IQ, but describes no online purchase for businesses. [1][2]

Which might suit you

Coalition may suit you if you want AI-related events and deepfake losses spelled out in a cyber policy, and a broker to place it with an insurer that has its own admitted carrier.
At-Bay may suit you if you want published limit and revenue ranges and automatic broker quotes, and will ask At-Bay in writing how its wording treats AI, because its pages do not say.

Whichever you choose, ask who the insurer is on each policy, its financial rating, and the limits and exclusions on the AI wording. See what AI startup insurance costs for published price data. Our AI clause scanner flags AI exclusions in policy text, and the underwriting questions checklist shows what you will be asked.

Other options

Coalition and At-Bay are two of several providers on our register that sell AI cover. Specialist AI liability policies, such as those from Armilla and Testudo, are sold mainly through brokers. See insurance for AI startups for what to buy at each stage, or the full register.

More comparisons: Vouch vs Embroker · Corgi vs Vouch · Corgi vs Embroker · Armilla vs Testudo · all startup insurers side by side

Questions

Are Coalition and At-Bay insurers or brokers?

Coalition sells cyber and tech E&O insurance alongside security tools. It runs a licensed broker (Coalition Insurance Solutions) and its own admitted insurer (Coalition Insurance Company, NAIC 29530). At-Bay sells cyber, tech E&O and miscellaneous professional liability insurance, with its Stance security platform and optional managed detection and response. Munich Re agreed on 19 August 2026 to buy it.

Do Coalition and At-Bay cover AI risks?

Both sell AI cover. Coalition: Says its Active Cyber Policy responds to the outcome of an incident, not the technology behind it, with affirmative AI cover for deepfake fraud, AI-generated ransomware, AI-generated defamation and tech E&O claims over AI product performance for eligible businesses. Also sells a Deepfake Response Endorsement. At-Bay: None described. Its cyber and tech E&O pages do not mention AI cover, and it uses “AI-powered” only for its security products. Its 2026 AI risk guide discusses a liability gap spanning data leakage, litigation, business interruption and copyright; the full guide is behind a download form.

Which is cheaper, Coalition or At-Bay?

Neither publishes prices. Price depends on revenue, funding stage, limits and claims history. Published figures are not quotes: get quotes from both for the same limits and retentions. Our cost guide gathers the published figures.

Do you earn a commission from either?

No. We do not sell insurance, take commissions or accept payment for placement or ranking. Every fact here comes from the companies' own pages or a named source.

Sources

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