Munich Re to acquire At-Bay for $575m, down from $1.35bn 2021 valuation
What's the deal? Munich ReDealroom has a profile for this one. Try Dealroom → has agreed to acquire At-Bay, an Israeli-founded cyber-insurance company, for $575 million. The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and customary conditions.
What does At-Bay do? Founded in 2016, At-Bay combines cyber insurance with security technology under its “InsurSec” model. It provides insurance and security-prevention solutions to close to 40,000 US businesses, safeguarding up to $800 billion in collective business revenue. Its offerings include cyber, technology errors and omissions (Tech E&O), and miscellaneous professional liability coverage, as well as At-Bay Stance managed detection and response.
Who will own it? Following completion, At-Bay will sit within Hartford Steam BoilerDealroom has a profile for this one. Try Dealroom → (HSB), Munich Re's specialty insurance unit. HSB has backed At-Bay since its early days, and Munich Re already has an investor and insurance-partner relationship with the company.
The valuation reset: The $575 million purchase price is less than half At-Bay's $1.35 billion valuation in its 2021 funding round. The company has raised approximately $276 million since inception. CTech linked the decline to tougher conditions in the technology and insurance markets, alongside higher interest rates; At-Bay also laid off staff, including a significant part of its development team in Israel.
Why it matters: The acquisition reflects the convergence of cyber security and insurance, as insurers seek to use continuous risk monitoring and prevention technology alongside underwriting. At-Bay's platform is designed to identify and reduce customers' exposure before attacks occur, rather than only compensate them afterwards.
Munich Re's Israeli insurtech strategy: The deal follows the acquisition by Munich Re subsidiary ERGODealroom has a profile for this one. Try Dealroom → of the remaining 71% of Next Insurance for approximately $2.6 billion in March 2025. At-Bay co-founder and CEO Rotem IramDealroom has a profile for this one. Try Dealroom → said joining Munich Re would help the company address the cyber-security protection gap affecting businesses.
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