Reinsurance industry giant Munich Re has agreed to acquire At-Bay, a US-based InsurSec provider offering cyber insurance and risk management services, for an enterprise value of $575 million, strengthening its position in the cyber market.
Once the transaction is closed, which is expected in the first quarter of 2027, At-Bay will be overseen by Hartford Steam Boiler (HSB), part of Munich Re’s Global Specialty Insurance business. HSB boasts long-standing cyber market expertise and underwriting capabilities, and will support the further growth of At-Bay in the US.
Since At-Bay’s founding in 2017, HSB has been a key strategic partner, supporting its development into a prominent US cyber insurer with gross written premiums of $278 million as of the end of 2025.
The definitive agreement between Munich Re and At-Bay was concluded at an enterprise value of $575 million, but back in 2021, when the cyber insurer closed its $185 million Series D funding round, its third round in 18 months, At-Bay’s post-money valuation was a significant $1.35 billion.
For Munich Re and HSB, this strategic move strengthens their cyber market presence by bringing together a “state-of-the-art” tech platform with insurance and proactive risk mitigation. The reinsurer expects the transaction to position it well for greater access to a rapidly changing cyber insurance market.
At-Bay’s main focus is the SME market in the US, and through its unified security platform, the insurtech continuously identifies, monitors, and reduces insured cyber risk across the full policy lifecycle, while also generating data insights to improve underwriting practices and security innovation.
Jeffrey O’Shaughnessy, President and Chief Executive Officer, HSB Group, said: “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, commented: “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.”
“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. The acquisition further expands the depth and breadth of our specialty insurance expertise, ultimately benefitting all partners and clients of Munich Re Specialty. We expect the business to evolve into a strong earnings growth driver over time,” said Mike Kerner, Member of the Board of Management, Munich Re.
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