Munich Re Plans To Acquire At-Bay For $575M

Munich Re is acquiring Israeli insurtech At-Bay for an enterprise value of $575 million, with the closing expected in the first quarter of 2027 subject to regulatory approvals. At-Bay will join Munich Re’s HSB unit, expanding a model that combines cyber insurance with proactive cybersecurity and continuous risk monitoring to reduce exposures for small and midsize US-based businesses. The deal underscores a broader industry shift from merely paying for cyber losses to actively preventing them, leveraging At-Bay’s data-driven platform to inform underwriting. At-Bay, founded in 2017 and already a top-10 US cyber insurer with hundreds of employees, was valued at about $1.35 billion in its 2021 funding round, and has since raised around $276 million. Investors in At-Bay include Lightspeed, Microsoft, and Khosla Ventures, among others, with some earlier stakes expected to be written down as part of the deal’s restructuring. The transaction reflects Munich Re’s strategy to strengthen its cyber market position by integrating insurance with risk mitigation technology and cross-border collaboration across its portfolio, including prior related moves such as ERGO’s acquisition activity in Israel.