Munich Re Group has agreed to acquire U.S.-based cyber insurtech company At-Bay Inc. at an enterprise value of $575 million. At-Bay provides cyber insurance and proactive cybersecurity solutions for small and medium-sized enterprises (SMEs).

The acquisition will bring At-Bay under Hartford Steam Boiler (HSB), part of Munich Re’s Global Specialty Insurance business. Munich Re said the transaction will strengthen its and HSB’s position in the cyber market by combining insurance, proactive risk mitigation, and technology.

Acquisition Expected to Close in 2027

Munich Re and At-Bay have entered into a definitive agreement for the acquisition. The transaction remains subject to customary closing conditions, including required regulatory approvals. Munich Re expects the transaction to close in the first quarter of 2027.

HSB will oversee At-Bay following the acquisition. HSB serves as the technology-focused and cyber-focused arm of Munich Re’s specialty insurance portfolio.

HSB has served as a strategic partner to At-Bay since the company’s founding in 2017. During that period, At-Bay developed into a top-10 U.S. cyber insurer, with gross written premiums totaling $278 million. The company currently employs approximately 280 people in the U.S. and Israel.

At-Bay Combines Cyber Insurance and Security

At-Bay primarily serves SMEs in the U.S. These organizations face increasing cyber risks but often lack the resources and expertise that larger enterprises have to manage cybersecurity.

Through its unified security platform, At-Bay continuously identifies, monitors, and reduces insured cyber risk throughout the policy lifecycle. The platform also generates data insights that support underwriting practices and security innovation.

Munich Re said the acquisition expands its access to the cyber market, moving from standalone insurance coverage toward integrated platforms that continuously manage risk mitigation. Munich Re already provides standalone cyber coverage.

“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,” said Mike Kerner, member of the Board of Management at Munich Re. He added that the acquisition expands Munich Re Specialty’s expertise and is expected to support earnings growth over time.

HSB and At-Bay Plan Integrated Cyber Protection

HSB President and CEO Jeffrey O’Shaughnessy described HSB and At-Bay as a logical match, given their shared focus on risk prevention, mitigation, and cyber risk solutions.

According to O’Shaughnessy, combining At-Bay’s cyber capabilities with HSB’s cyber and underwriting expertise will enhance the companies’ cyber offering. The companies plan to connect insurance, security, and claims within a continuous risk management system.

At-Bay CEO and co-founder Rotem Iram said joining Munich Re will accelerate At-Bay’s mission to address the cybersecurity protection gap for the 90% of businesses that are being left behind. He also said Munich Re will provide At-Bay with additional scale and reach to address the needs of small businesses.

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