Munich Re to Acquire U.S. Cyber-Insurtech At-Bay for $575 Million

Munich Re Group announced an agreement to acquire At-Bay, Inc., a U.S.–based cyber-insurance and managed-detection-and-response provider serving SMEs. The definitive agreement sets an enterprise value of $575 million and targets closing in the first quarter of 2027, subject to regulatory approvals. After closing, At-Bay will join Hartford Steam Boiler (HSB), Munich Re’s cyber specialty unit.

At-Bay to Be Acquired by Munich Re for $575 Million

Founded in 2016 by Rotem Iram, Roman Itskovich, Etai Hochman, and Tilly Kalisky, At-Bay pioneered an “InsurSec” model that blends coverage with continuous security monitoring. HSB has been a strategic partner since 2017, helping At-Bay grow into a top-ten U.S. cyber insurer. Prior to the deal, At-Bay reported gross written premiums of $278 million, served ~35,000–40,000 businesses, and employed roughly 280 staff in the United States and Israel. The company raised $276 million from investors including Khosla Ventures, Lightspeed, and Microsoft’s M12 fund, and was valued at $1.35 billion after its 2021 Series D round.

The Jerusalem Post

Munich Re said the deal strengthens its cyber-market leadership by integrating insurance with proactive risk mitigation. HSB president Jeffrey O’Shaughnessy noted the combination will connect insurance, security, and claims into a single ecosystem. At-Bay CEO Rotem Iram said joining Munich Re provides the scale needed to address the cybersecurity protection gap for SMEs.

Munich Re Group to Acquire Cyber Insurtech At-Bay

The acquisition reflects an industry shift toward integrated cyber solutions that combine coverage with real-time security services. By adding At-Bay’s monitoring platform, Munich Re aims to improve underwriting accuracy, reduce claim frequency, and capture higher-margin growth as traditional cyber premiums face pressure. The $575 million price represents roughly a 57 % discount to At-Bay’s 2021 valuation, highlighting changing market conditions for insurtechs.

Munich Re to acquire At-Bay for $575m, down from $1.35bn 2021 valuation

• “Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90% of businesses being left behind,” — Rotem Iram, CEO

Munich Re Group to Acquire Cyber Insurtech At-Bay

• “At-Bay’s market position and unique capabilities make it a perfect addition to our specialty insurance portfolio and an essential component of our future cyber offering,” — Mike Kerner, Munich Re board member

At-Bay to Be Acquired by Munich Re for $575 Million

• 2016 – At-Bay founded.

The Jerusalem Post

• 2017 – HSB becomes a strategic partner.

Munich Re agrees to acquire cyber insurtech At-Bay in $575m deal

• 2021 – Series D round values At-Bay at $1.35 billion.

Munich Re to acquire At-Bay for $575m, down from $1.35bn 2021 valuation

• August 19 2026 – Munich Re announces the $575 million acquisition.

Munich Re stock steadies as $575 million At-Bay deal deepens cyber push

• Q1 2027 – Expected closing.

Munich Re's $575m Cyber Wager Puts a Pivotal Question to Shareholders

• Insured U.S. businesses are reported as over 35,000 in some sources and close to 40,000 in others, indicating a modest variance.

Munich Re to Buy Cyber Insurtech At-Bay for $575 Million — BigGo Finance

Munich Re plans to integrate At-Bay into HSB after regulatory clearance, with an eye on expanding the platform beyond the U.S. SME market. The transaction will be monitored for its impact on Munich Re’s earnings and the broader evolution of cyber-insurance offerings.

At-Bay to Be Acquired by Munich Re for $575 Million