Munich Re has agreed to buy At-Bay, a US-based cyber insurance and cybersecurity startup, for an enterprise value of $575 million. The deal, announced on August 19, marks the German reinsurance giant’s latest and most direct bet that the future of insurance runs through cybersecurity.
At-Bay raised capital at a $1.35 billion post-money valuation during its 2021 Series D round. Selling for $575 million means the company is changing hands at roughly 43 cents on the dollar relative to that peak.
What Munich Re is buying
At-Bay was founded in 2017 with a premise that sounds obvious in hindsight: pair cyber insurance policies with actual cybersecurity tools so claims happen less often. The company serves approximately 40,000 small and medium-sized enterprises across the US.
As of December 31, 2025, At-Bay reported gross written premiums of roughly $278 million, plus another $23 million in fee revenues from its cybersecurity services. That $301 million combined top line gives the $575 million price tag a revenue multiple under 2x.
The company employs around 280 people split between the US and Israel. Once the deal closes, expected in Q1 2027 pending regulatory approvals, At-Bay will operate under Hartford Steam Boiler, Munich Re’s subsidiary that specializes in technology and cyber risks. HSB has been around since 1866.
Munich Re’s insurtech acquisition spree
This is not Munich Re’s first rodeo in the Israeli-linked insurtech space. Its ERGO unit completed the acquisition of Next Insurance for $2.6 billion back in March 2025. Next Insurance, like At-Bay, was built to serve SMEs, though its focus was broader commercial coverage rather than cyber-specific products.
The relationship between Munich Re and At-Bay is not new, either. The two companies have partnered since At-Bay’s founding in 2017, with Munich Re providing reinsurance capacity for At-Bay’s policies.
The cyber insurance market is heating up
At-Bay’s model addresses the SME gap by bundling proactive security monitoring with insurance coverage. For Munich Re, owning that full stack—from risk assessment and prevention through underwriting and claims—creates a feedback loop that purely traditional insurers cannot replicate. Every claim At-Bay processes generates data about attack vectors and vulnerabilities. That data feeds back into better underwriting models and more targeted security recommendations, which in turn reduce future claims.
What this means for the market
The $575 million price tag, while a significant markdown from At-Bay’s 2021 peak valuation, still represents a substantial commitment to the thesis that integrated cyber risk management is the future. Munich Re is not buying a distressed asset. It is buying a company with $278 million in gross written premiums and a proven model.
Munich Re has chosen to buy twice in roughly 18 months, spending a combined $3.175 billion on Next Insurance and At-Bay.
The deal’s Q1 2027 expected close date means regulatory review will span multiple jurisdictions, given Munich Re’s German domicile and At-Bay’s US-Israel footprint.