Munich Re Group has agreed to acquire cyber InsurTech At-Bay Inc. for $575 mn, expanding its position in the US cyber insurance market. The transaction, announced Aug. 19, is expected to close in the first quarter of 2027, subject to regulatory approvals.

At-Bay provides cyber insurance and managed detection and response services, with a focus on small and medium-sized US businesses. The company employs about 280 people across the US and Israel. Its gross written premiums total $278 mn.

After closing, At-Bay will operate under Hartford Steam Boiler, part of Munich Re’s Global Specialty Insurance business. HSB has worked with At-Bay since the InsurTech was founded in 2017.

Munich Re said the acquisition will combine insurance capacity with cybersecurity services and technology used to identify and manage cyber threats.

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.

Mike Kerner, a member of Munich Re’s board

Kerner said Munich Re expects At-Bay to become a meaningful earnings growth business over time.

The deal also gives Munich Re broader access to a cyber insurance market moving beyond standalone policies toward products tied more closely to ongoing security monitoring and risk management.

Munich Re already writes standalone cyber coverage. At-Bay adds a technology platform and MDR capabilities aimed at reducing losses before an insured event develops into a larger claim.

That model has become increasingly important in small-business cyber insurance, where many companies lack large internal security teams.

At-Bay CEO and co-founder Rotem Iram said joining Munich Re will give the company more scale and distribution.

Munich Re’s reach will help At-Bay address the changing security needs of small businesses.

For Munich Re and HSB, the acquisition adds an established cyber underwriting platform with existing premium volume, security services and a US customer base.

The $575 mn transaction also extends a relationship that began nearly a decade ago, when HSB became one of At-Bay’s early insurance partners.