Munich Re has agreed to acquire US-based insurtech company At-Bay at an enterprise value of $575m (\u20ac493.67m). <\/p>\n
At-Bay’s unified security platform identifies, monitors and reduces insured cyber risk across the policy life cycle, while also generating data insights to improve underwriting and security innovation, the German group said. <\/p>\n
It will be overseen by Hartford Steam Boiler (HSB), the technology-forward, cyber-focused arm of Munich Re’s Specialty insurance portfolio. <\/p>\n
Munich Re said: “A main strategic partner since At-Bay’s founding in 2017, HSB has supported At-Bay’s development into a top-ten US cyber insurer with gross written premiums totalling $278m.” <\/p>\n
At-Bay CEO and co-founder Rotem Iram said: “Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90% of businesses being left behind. <\/p>\n
“At-Bay is a market leader in InsurSec [insurance plus security] combining cyber insurance and cybersecurity into a complete and integrated cyber risk solution.” <\/p>\n
The deal is intended to strengthen Munich Re’s position in the cyber insurance market, combining cover with proactive risk mitigation and a technology platform, as the market shifts from stand-alone cover towards “integrated, continuously managed risk mitigation”. <\/p>\n
At-Bay employs approximately 280 people across the US and Israel. <\/p>\n
The transaction is subject to customary closing conditions including regulatory approvals, with completion expected in the first quarter of 2027. <\/p>\n
Munich Re management board member Mike Kerner added: “The acquisition further expands the depth and breadth of our specialty insurance expertise, ultimately benefitting all partners and clients of Munich Re Specialty.” <\/p>\n