Munich Re Group reached an agreement to acquire the company At-Bay, which provides cyber insurance and proactive cybersecurity services to small and medium-sized enterprises (SMEs). It was stated that the final agreement was signed at an Enterprise Value of 575 million dollars, for 100% of At-Bay’s shares. Completion of the transaction is subject to customary conditions, including the receipt of required regulatory approvals, and is expected to close in 2027.
It was further stated that the acquisition strengthens Munich Re’s position as a leader in the cyber insurance market and grants the company access to a market undergoing accelerated development – from a market focusing on standalone insurance coverages toward integrated platforms for continuous risk management and mitigation, in which At-Bay is a global leader.
At-Bay was established in 2016 with the aim of solving the information security gap of small organizations through the combination of cyber insurance and full cybersecurity for the organization. To date, the company has raised about 300 million dollars from investors such as Khosla Ventures, Lightspeed Venture, Acrew Capital, Qumra Capital, M12, and Glilot. The company employs more than 280 employees in the U.S. and Israel. The company is managed by Rotem Iram (founder and CEO) and Roman Itskovich (founder and CRO) – who will join the acquiring company’s management.
Following the acquisition, At-Bay will join HSB, a subsidiary of Munich Re Specialty, specializing in insurance solutions integrated with technology and engineering. HSB has been a strategic partner of At-Bay since its inception. Currently, At-Bay is one of the top ten cyber insurance companies in the U.S. (Top 10 U.S. cyber insurer), with 280 million dollars in Gross Written Premiums and over 30 million dollars in annual run rate of cybersecurity products.
At-Bay focuses on the small and medium-sized enterprise market in the U.S., which lacks the resources and expertise available to large companies for the effective management of cybersecurity. At-Bay reduces the cyber risks of more than 35 thousand insured companies throughout the entire policy lifecycle.
Rotem Iram, Founder and CEO: “At-Bay is the global leader in the field of InsurSec, which combines cyber insurance with enterprise-grade security into a complete solution for cyber risk management. Together with Munich Re, we gain access to the financial strength and global footprint that will enable us to bring our solution to every small and medium-sized business in the world.”
Mike Kerner, Member of the Board of Management of Munich Re and responsible for Global Specialty Insurance: “The strategic positioning of At-Bay, its unique capabilities, and its growth potential make it a perfect addition to our insurance portfolio and an essential component of our future cyber offering. The acquisition further expands and deepens our expertise in the specialty insurance field and will benefit all of our partners and clients. We anticipate that the collaboration will be a significant engine for profit growth for the group.”
Jeffrey O’Shaughnessy, President and CEO of HSB Group: “HSB and At-Bay are a natural fit. The combination between the leading cyber capabilities of At-Bay and the deep expertise of HSB in technological underwriting will significantly strengthen our value in the cyber field and accelerate our innovation. Together, we will be able to offer our clients holistic cyber protection, by connecting insurance, security, and claims into one continuous risk management ecosystem.”
