Munich Re to Acquire At-Bay for $575M to Strengthen Cyber Insurance and Security

The acquisition shows how the insurance industry is increasingly moving beyond simply covering cyber losses. Insurers are now looking to help businesses prevent cyberattacks and reduce risks before they lead to costly claims.

"Joining Munich Re will accelerate At-Bay's mission to close the cybersecurity protection gap for the 90% of businesses being left behind," Iram said. He described At-Bay's model as combining cyber insurance and cybersecurity into an integrated cyber risk solution.

Jeffrey O'Shaughnessy, president and CEO of HSB Group, said the combination would connect insurance, cybersecurity and claims into what he described as a continuous risk-management model.

German insurance company Munich Re has agreed to acquire At-Bay, an insurtech company founded in Israel that combines cyber insurance with cybersecurity services. The deal values At-Bay at around $575 million.

The agreement has been signed, and the acquisition is expected to be completed in the first quarter of 2027, subject to regulatory approvals and other closing conditions.

At-Bay mainly provides services to small and medium-sized businesses in the US. After the acquisition, the company will become part of HSB, Munich Re's technology-focused and cyber insurance business.

HSB has been a strategic partner of At-Bay since the company was founded in 2017. With HSB's support, At-Bay has grown into one of the 10 largest cyber insurers in the US.

At-Bay currently has around 280 employees across the US and Israel. The company generates about $278 million in gross written premiums.

The acquisition represents a major change in ownership for At-Bay. The company was valued at $1.35 billion in 2021, meaning the new deal is worth less than half of its previous valuation. At-Bay has raised around $276 million in funding since it was founded.

At-Bay was founded in 2016 by Rotem Iram, Roman Itskovich, Etai Hochman and Tilly Kalisky. The company built its business around combining cyber insurance with technology that helps businesses identify and reduce cybersecurity risks.

Instead of only paying businesses after a cyberattack happens, At-Bay continuously monitors a customer's cybersecurity risks during the insurance policy. The company uses this information to help customers reduce their risks and also improve its own insurance decisions.

This approach is becoming increasingly important as cyber threats continue to grow, especially for small businesses. Smaller companies often do not have the same cybersecurity resources or expertise as large companies, but they can still face serious cyberattacks.

The acquisition shows that insurers are increasingly looking beyond traditional cyber insurance. They are also investing in technology that can help prevent cyber incidents and reduce potential losses.

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