Munich Re is set to acquire At-Bay, the cyber MGA that the group has backed as lead reinsurer and largest capital provider through its HSB subsidiary since 2022, according to people familiar with the matter.
The deal is expected to be announced Wednesday morning.
The price and structure of the transaction could not immediately be confirmed, including whether the deal spans At-Bay’s MGA, its security operation, its captive reinsurer and its E&S carrier.
It also could not immediately be confirmed whether the business would sit within HSB, which has anchored the group’s capacity relationship with At-Bay, or elsewhere within Munich Re.
At-Bay declined to comment. Munich Re did not immediately respond to a request for comment.
At-Bay writes north of $300 million in premium, with co-founder and CEO Rotem Iram telling The Insurer in May 2025 that the company was the largest writer of cyber insurance in the wholesale channel and, by his estimate, the seventh-largest U.S. cyber insurer.
Iram said at the time that At-Bay was “well capitalized” with no need to return to the market for funding and that the company would consider acquisitions and strategic partnerships only on its own terms.
“We’re happy to partner, but as long as we get to keep our vision. We want to build the future of this industry,” he said in that interview.
“We want At-Bay to be a generational company. We have the ability to own our own destiny, which is very important for us, and that’s what we’re going to continue to do.”
A deal would convert a long-standing capacity relationship into ownership, giving the German group control of a book it has supported since At-Bay launched its Trisura-fronted cyber and tech E&O program in 2022.
HSB remained the MGA’s largest capital provider and lead reinsurer through that restructuring, with Munich Re Ventures’ HSB fund also an investor, while At-Bay began retaining a portion of every risk through its own captive.
Founded in 2016, At-Bay pairs cyber insurance with security services, monitoring policyholders’ systems and providing managed detection and response alongside cover, a model it brands as InsurSec.
Iram said in the May 2025 interview that the security business was selling tens of millions of dollars of services, creating “a way for us to grow profitably without jeopardizing the insurance discipline.”
The company last disclosed a $1.35 billion post-money valuation on its $185 million Series D in 2021, when it had raised $272 million in total.
Any price will be measured against two markers: that 2021 valuation, struck at the top of the insurtech funding cycle, and the $435 million Travelers paid for Corvus in 2024, the closest comparable takeover of a scaled cyber MGA.
Where the consideration lands between them will signal how incumbents now price cyber platforms, with At-Bay bringing more than double the premium Corvus carried into its sale alongside a recurring security revenue stream the Travelers deal did not include.
CYBER CONSOLIDATION ACCELERATES
The acquisition would extend a wave of incumbent carriers absorbing the cyber insurtech cohort.
Travelers acquired Corvus in 2024, while Zurich’s $60 million Series C investment in Cowbell was seen as positioning the Swiss carrier for a potential acquisition, as The Insurer has reported.
Munich Re has already shown its appetite for insurtech platforms at scale with last year’s acquisition of Next Insurance, while Zurich’s deal for Beazley has reshaped the top of the specialty market.
For Munich Re, taking control of At-Bay would deepen its position in a line where the group has flagged ransomware, supply chain dependencies and AI-enabled threats as central accumulation concerns.
The deal lands into a cyber market that remains competitive on rate while loss volatility persists, with At-Bay’s own claims research this year reporting average ransomware claim severity up 16% to $508,000 and frequency concentrated among companies with less than $25 million of revenue.
Iram told The Insurer in the May 2025 interview that cyber rates were “lower than they should be” and that he expected them to rise, after commentary from Beazley and Chubb suggesting pricing was inadequate.
“There’s a question of how long is it going to take everybody to figure this out? But again, this is not about short-term; it’s about long-term health,” he said.