Munich Re Group to Acquire Cyber Insurtech At-Bay

Munich Re Group has announced that it has agreed to acquire At-Bay, Inc., a U.S.-based insurtech company that provides cyber insurance and proactive cybersecurity solutions for small and medium-sized enterprises (SME).

The acquisition is a strategic move to strengthen Munich Re’s and HSB’s position as a leader in the cyber market by combining insurance with proactive risk mitigation and a state-of-the-art technology platform. It also positions the company for greater access to a cyber market that is rapidly evolving from standalone coverage—which Munich Re already provides—towards integrated, continuously managed risk mitigation platforms.

The definitive agreement was concluded at an enterprise value of $575 million. The closing of the transaction is subject to customary conditions, including the required regulatory approvals, and is expected in the first quarter of 2027.

The At-Bay business will be overseen by HSB, the technology-forward and cyber-focused arm of the Munich Re Specialty portfolio of insurance solutions. A main strategic partner since At-Bay’s founding in 2017, HSB has supported At-Bay’s development into a top-10 U.S. cyber insurer with gross written premiums totalling USD 278m1. At-Bay currently employs approximately 280 employees in the U.S. and Israel.

At-Bay primarily serves the SME market in the U.S., focusing on organizations that face increasing cyber risk but often lack the resources and expertise of large enterprises to manage cybersecurity effectively. Through their unified security platform, At-Bay continuously identifies, monitors, and reduces insured cyber risk across the full policy lifecycle while also driving data insights to improve underwriting practices and security innovation.  

Jeffrey O’Shaughnessy, president and chief executive officer of HSB Group: “HSB and At-Bay are a logical match, each with a history and vision of risk prevention, mitigation and market-leading cyber risk solutions. The combination of At-Bay’s market-leading cyber capabilities and HSB’s intense cyber and underwriting expertise will significantly enhance our cyber offering and accelerate our speed to innovate in a market moving towards vertically integrated insurer-security platforms. Together, we will be able to offer our customers across all of HSB’s business models with holistic cyber protection by connecting insurance, security and claims into one continuous risk management ecosystem.”

Rotem Iram, CEO and co-founder of At-Bay, welcomed the agreement with Munich Re: “Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90% of businesses being left behind,” said Iram. “At-Bay is a market leader in InsurSec combining cyber insurance and cyber security into a complete and integrated cyber risk solution. With Munich Re, we gain the scale and reach to better address the evolving needs of every small business.”

Ardea Partners LP acted as exclusive financial advisor and Cooley LLP served as legal advisor to At-Bay. Sullivan & Cromwell LLP acted as legal advisor to Munich Re.