Munich Re Buys Cyber Insurtech At-Bay for $575 Million

News Desk: Munich Re Group has agreed to buy the U.S. cyber insurtech firm At-Bay for an enterprise value of 575 million dollars, a move the German reinsurer announced on August 19 that aims to deepen its footprint in primary cyber coverage for smaller businesses. The deal, subject to regulatory approvals and other customary conditions, is expected to close in the first quarter of 2027.

At-Bay, founded in 2017 and based in the United States with operations also in Israel, specializes in combining cyber insurance policies with proactive cybersecurity tools and managed detection services aimed mainly at small and medium-sized enterprises. The company has grown into one of the top ten U.S. cyber insurers, reporting gross written premiums of about 278 million dollars. It employs roughly 280 people and pairs traditional coverage with technology that monitors risks and helps prevent losses before they occur.

Once completed, At-Bay will operate under Hartford Steam Boiler, known as HSB, which forms part of Munich Re’s Global Specialty Insurance unit. HSB has been a key partner and capacity provider to At-Bay almost since the insurtech’s early days, and the acquisition turns that long-standing relationship into full ownership of the underwriting platform, data assets and security operations. Munich Re board member Mike Kerner described At-Bay’s market position and capabilities as a natural fit for the group’s specialty portfolio and an important piece of its future cyber offering, adding that the business is expected to become a meaningful earnings growth driver over time.

At-Bay chief executive and co-founder Rotem Iram said joining Munich Re would give the company the scale and reach needed to better serve the large share of smaller businesses that still lack adequate cyber protection. The transaction comes at a valuation well below the roughly 1.35 billion dollars At-Bay commanded in its 2021 funding round, reflecting the broader cooling that has taken place across the insurtech sector since then.