AM Best has placed At-Bay Specialty Insurance Company (ABSIC)’s A-minus financial strength rating under review with positive implications following the announced acquisition of its parent company At-Bay Inc by Munich Re America Corporation.
The AM Best logo is seen in this illustration taken on January 29, 2025. REUTERS/Dado Ruvic/Illustration
ABSIC also holds an AM Best long-term issuer credit rating of a-minus (Excellent).
Munich Re on Wednesday announced the deal to acquire cyber insurtech At-Bay, confirming The Insurer’s exclusive reporting from the day before.
Munich Re America Corporation will acquire At-Bay at an enterprise value of $575 million.
“The under review with positive implications status reflects the potential financial and operational benefits that ABSIC may derive from being part of a significantly larger insurance organization, which is of greater financial strength,” AM Best said.
The transaction is subject to customary conditions, including the receipt of required regulatory approvals.
The ratings will remain under review pending completion of the transaction and AM Best’s evaluation of parental support, integration plans and the expected impact on ABSIC’s business plans.