Underwriter Spotlight: Meet Matt Bonino, AVP, Underwriter

In this edition of our Underwriter Spotlight Series, we’re excited to introduce Matt Bonino, AVP, Underwriter at At-Bay*. With nearly a decade of experience underwriting E&O and cyber insurance, Matt has developed a deep understanding of the evolving cyber landscape. He began his underwriting journey at AIG, focusing on tech E&O and cyber accounts, before transitioning to Zurich, where he continued to build his expertise in cyber risk. 

In addition to his extensive underwriting experience, Matt holds a master’s degree in cybersecurity from Excelsior University, which allows him to provide brokers with deep insights and expert guidance on navigating the complexities of cyber risk. Matt is passionate about staying at the forefront of cybersecurity trends and providing valuable insights to his colleagues and brokers alike.

1. Middle-market risks can present unique challenges. What excites you the most about underwriting for businesses with over $100M in revenue?

I find that companies that eclipse the $100M revenue mark have more complexity and nuance than those below that threshold. At this point of growth, the company has a more serious understanding of its network security and has more varied solutions beyond what’s captured in a standard application.

Being able to join underwriting calls and hear directly from IT professionals at different types of companies about the strategy they’ve taken for their security is always interesting because no two strategies are the same. Each company has its own intricacies that serve its needs, and hearing the ‘why’ is always exciting. Learning these intricacies allows me to offer the most accurate coverage that fits the insured’s needs.

2. How does At-Bay’s underwriting process stand out in addressing the specific cyber risks of middle-market companies?

Our proprietary external network scan is one of the most powerful and unique tools that sets At-Bay’s process apart. It captures essential risk information that’s difficult to assess through a traditional application, enabling us to evaluate risk with far greater precision.  

Beyond underwriting, our scan also generates a security report for the insured, giving them valuable insight into their cybersecurity posture. Oftentimes with middle-market companies, this added visibility sparks proactive conversations with their IT teams on improving security. It’s rewarding to see how these insights not only support underwriting but also help insureds become safer.

3. Given your experience in the middle market, what trends or emerging risks do you think brokers should pay attention to when advising clients in this space?

Recently, endpoint detection and response (EDR) tools have been the go-to security solution for their highly effective capabilities in monitoring and alerting of network security issues. However, some companies mistakenly believe that having EDR in place is all they need to prevent loss. While EDR detects potential threats and generates alerts, someone has to be available to respond to those alerts or vulnerabilities can still go unaddressed.

This is where a managed detection and response (MDR) service like At-Bay’s** adds significant value. MDR combines EDR tools with 24/7 monitoring and rapid response, ensuring that any alert can be acted on immediately. In fact, more than 50% of cyber insurance claims At-Bay customers experienced over the past two years could’ve been avoided by an MDR solution¹. For larger companies with complex risk profiles, MDR helps contain threats before they escalate, ultimately reducing the chances of costly claims. Brokers can bring real value to their clients by highlighting the importance of MDR. 

4. In your opinion, what are the most important considerations for brokers working with larger businesses? How do you ensure the right coverage is provided?

In my experience, working with larger insureds is all about understanding their specific concerns and providing reassurance. As companies grow, their risk increases, and they may find themselves to be a bigger target for network security events or litigation that they previously hadn’t considered. Maintaining an open line of communication between the insured, the broker, and the underwriter is crucial to address these concerns effectively. I frequently join calls with brokers or insureds to walk through policy language and answer questions specific to their unique needs as a larger business, offering guidance to ensure they feel confident in their coverage. 

5. How did you get your start in insurance?

I initially set out to become an actuary when I was in college because I loved crunching numbers. After finishing my undergraduate studies, I got my start at AIG as an underwriter because I thought it would be a great place to start on my path to becoming an actuary. I was lucky enough to work in the Professional Liability and Cyber group, which was extremely interesting. The more I worked in the field, the more I found myself enjoying it, and my actuarial plans took a back seat. Cyber insurance sparked my interest in cybersecurity, ultimately leading me to earning a master’s degree in the field. With technology and security constantly evolving, I’ve been excited to learn more and keep up with the industry’s developments every day. 

6. Outside of your role, what do you enjoy doing in your free time? What hobbies or interests help keep you balanced?

I have two young kids — Maximus (2) and Olivia (6 months) — so most of my free time is spent with my family, soaking up these early years. It’s incredible how much energy little kids have so I find myself giving them any extra attention I can. They make simple things fun, like going to the grocery store or rolling down a hill. When I do get some time to myself, I like to work out or play some video games and relax.  

¹ Based on At-Bay analysis of At-Bay claims from Q4 2021 through to Q3 2023 that could potentially have been mitigated by a Managed Detection and Response product.

*At-Bay Insurance Services LLC is a wholly owned subsidiary of At-Bay, Inc.

**At-Bay Stance MDR is provided by At-Bay Security, LLC a wholly owned subsidiary of At-Bay, Inc. At-Bay Security does not provide insurance services. Insurance placed through At-Bay Insurance Services LLC is not a condition to purchase At-Bay MDR.