At-Bay to Be Acquired by Munich Re for $575 Million

Munich Re Group on Aug. 19 said it has agreed to acquire cyber insurtech At-Bay, Inc. for $575 million.

The cyber insurance and managed detection and response (MDR) provider primarily serving small- to medium-sized enterprises in the U.S. will be overseen by Hartford Steam Boiler (HSB), part of Munich Re’s Global Specialty Insurance business. HSB has been a partner of At-Bay since its founding in 2017.

The transaction is expected to close during the first quarter 2027 after regulatory approvals.

“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,” said Mike Kerner, member of the board of Munich Re, in a statement. “We expect the business to evolve into a strong earnings growth driver over time.”

The strategic move strengthens 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, Munich Re said.

At-Bay currently employs approximately 280 employees in the U.S. and Israel, and has gross written premiums totaling $278 million.

“Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90% of businesses being left behind,” said Rotem Iram, At-Bay CEO and co-founder. “With Munich Re, we gain the scale and reach to better address the evolving needs of every small business.”