Munich Re has announced an agreement to acquire At-Bay, a US-based insurtech company specialising in cyber insurance and proactive cybersecurity solutions for small and medium-sized enterprises. The cyber insurance acquisition values At-Bay at an enterprise value of $575 million and represents a strategic move to strengthen Munich Re’s position in the fast-growing cyber risk market.
The definitive agreement has been concluded, though closing remains subject to customary conditions, including required regulatory approvals. Completion is expected in the first quarter of 2027.
Munich Re Agrees $575 Million At-Bay Deal
This cyber insurance acquisition brings together Munich Re’s global reinsurance strength and At-Bay’s technology-driven approach to cyber risk management. At-Bay primarily serves the SME market in the United States, focusing on organisations that face increasing cyber threats but often lack the resources to manage cybersecurity effectively.
At-Bay has grown into a top-10 US cyber insurer with gross written premiums totalling $278 million as at 31 December 2025, plus cyber fee service revenues of $23 million. The company currently employs approximately 280 people in the US and Israel.
Mike Kerner, Member of the Board of Management at Munich Re, said: “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. We expect the business to evolve into a strong earnings growth driver over time.”
At-Bay Adds Cyber Insurance Technology
Founded in 2017, At-Bay combines cyber insurance and cybersecurity into an integrated risk solution. Through its unified security platform, At-Bay continuously identifies, monitors and reduces insured cyber risk across the full policy lifecycle while driving data insights to improve underwriting practices.
At-Bay provides insurance protection and security solutions to close to 40,000 businesses in the US, safeguarding up to $800 billion in collective business revenue. Coverage includes cyber, Technology Errors and Omissions, and Miscellaneous Professional Liability. At-Bay also offers proprietary security solutions including its Stance Managed Detection and Response service.
Rotem Iram, CEO and co-founder of At-Bay, said: “Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90% of businesses being left behind. With Munich Re, we gain the scale and reach to better address the evolving needs of every small business.”
Deal Expands Munich Re’s Cyber Risk Capabilities
Once the insurtech acquisition closes, the At-Bay business will be overseen by Hartford Steam Boiler, the technology-forward and cyber-focused arm of Munich Re’s Global Specialty Insurance business. HSB has been a main strategic partner since At-Bay’s founding.
Jeffrey O’Shaughnessy, president and chief executive officer of HSB Group, said: “The combination of At-Bay’s market-leading cyber capabilities and HSB’s intense cyber and underwriting expertise will significantly enhance our cyber offering and accelerate our speed to innovate in a market moving towards vertically integrated insurer-security platforms.”
This cyber insurance acquisition positions Munich Re for greater access to a cyber market evolving from standalone coverage towards integrated, continuously managed risk mitigation platforms. The deal highlights the growing role of technology-driven underwriting and proactive cyber risk management across the insurance industry.