At-Bay

Insurtech · Cybersecurity · Insurance

Acquisition

Munich Re to buy cyber insurtech At-Bay for $575M

The price marks a steep markdown from the 2021 insurtech boom, when investors valued the startup near $1.4 billion.

• Munich Re agreed to acquire At-Bay, an Israeli-founded cyber insurtech serving U.S. small and midsize businesses, in a deal worth $575 million in enterprise value, expected to close in Q1 2027.
• At-Bay pairs cyber insurance policies with a security platform that continuously monitors and reduces policyholders' risk, rather than just paying out after a breach occurs.
• At-Bay generated $278 million in gross written premiums in 2025 and employs about 280 people across the U.S. and Israel, ranking among the top 10 U.S. cyber insurers.
• The $575 million price is less than half the $1.35 billion valuation At-Bay reached in its 2021 Series D, when it raised $185 million in its third funding round in 18 months.
• Munich Re's HSB unit has backed At-Bay since its founding and even led a 2020 round that valued the company at just $134 million, making this exit a full-circle strategic buy.
• The deal still needs regulatory approval, with closing expected in the first quarter of 2027, after which At-Bay will be folded into HSB, Munich Re's specialty insurance arm.
• The acquisition shows cyber insurers consolidating around integrated risk-prevention platforms while highlighting how sharply insurtech valuations have reset since the 2021 boom.