Munich Re Buys At-Bay for $575m

Munich Re has agreed to acquire US-based cyber insurance provider At-Bay for $575 million, with the deal expected to close in the first quarter of 2027, subject to regulatory approvals. The acquisition aims to strengthen Munich Re's position in the cyber insurance market by combining cover with proactive risk mitigation and a technology platform.

At-Bay was valued at $1.35 billion in its last funding round in 2021, but the current deal values the company at less than half of that amount. The US-based company has gross written premiums of $278 million and employs approximately 280 people across the US and Israel. At-Bay protects close to 40,000 businesses in the US and covers up to $800 billion of their combined revenue.

The acquisition will see At-Bay overseen by Hartford Steam Boiler (HSB), the technology-forward, cyber-focused arm of Munich Re's Specialty insurance portfolio. At-Bay's unified security platform identifies, monitors and reduces insured cyber risk across the policy life cycle, while also generating data insights to improve underwriting and security innovation.

## What it means The deal is intended to strengthen Munich Re's position in the cyber insurance market, combining cover with proactive risk mitigation and a technology platform, as the market shifts from stand-alone cover towards integrated, continuously managed risk mitigation. At-Bay's approach, which it brands as “InsurSec”, pairs cyber insurance with its own security software to prevent attacks in the first place, not just pay out after them.

The acquisition is a rare large deal in the insurtech sector, which has cooled since its 2021 peak. Munich Re management board member Mike Kerner said that the acquisition further expands the depth and breadth of the company's specialty insurance expertise, ultimately benefiting all partners and clients of Munich Re Specialty.

## Why it matters The deal highlights the growing importance of cyber insurance in the global market. As businesses become increasingly reliant on technology, the risk of cyber attacks also grows. At-Bay's approach of combining insurance with proactive risk mitigation and a technology platform is seen as a key way to address this risk. The acquisition is expected to benefit both Munich Re and At-Bay, as well as the businesses they serve.

The deal is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2027. Once completed, the acquisition will further establish Munich Re as a major player in the cyber insurance market.