Munich Re, a German reinsurance giant, has agreed to acquire At-Bay, a US-based cyber insurance and cybersecurity startup, for an enterprise value of $575 million. The deal marks Munich Re's latest bet on the future of insurance running through cybersecurity. At-Bay, which was founded in 2017, serves approximately 40,000 small and medium-sized enterprises across the US, offering cyber insurance policies paired with actual cybersecurity tools.
Acquisition Details
Munich Re's acquisition of At-Bay comes at a significant discount to the company's previous valuation of $1.35 billion in 2021. The deal is expected to close in Q1 2027, pending regulatory approvals. Once the deal closes, At-Bay will operate under Hartford Steam Boiler, Munich Re's subsidiary that specializes in technology and cyber risks.
Background
At-Bay reported gross written premiums of roughly $278 million, plus another $23 million in fee revenues from its cybersecurity services, as of December 31, 2025. The company's model addresses the SME gap by bundling proactive security monitoring with insurance coverage, creating a feedback loop that purely traditional insurers cannot replicate. Munich Re's acquisition of At-Bay is its second major investment in the Israeli-linked insurtech space, following its $2.6 billion acquisition of Next Insurance in March 2025.
