Munich Re to Buy Cyber Insurtech At-Bay for $575 Million
The reinsurer is acquiring At-Bay, which pairs cyber policies with continuous, AI-assisted risk monitoring. Closing is expected in early 2027.
Illustration · AI-generated (AI IN LIFE)
At a glance
- Enterprise value: $575 million; closing expected in Q1 2027
- At-Bay: around 280 employees in the US and Israel
- Close to 40,000 insured businesses, mostly small and medium-sized
- Gross written premiums: $278 million (as of 31 December 2025)
- Model: cyber insurance plus continuous, AI-assisted risk monitoring
What was agreed? Munich Re is acquiring US-Israeli cyber insurer At-Bay at an enterprise value of $575 million. The transaction is expected to close in the first quarter of 2027, pending regulatory approvals, the reinsurer said on 19 August.
What makes At-Bay stand out? The 280-employee company combines cyber insurance with active security technology: a platform continuously monitors insured risks, flags vulnerabilities and feeds the data back into underwriting. Close to 40,000 small and medium-sized businesses are insured, with gross written premiums of $278 million as of the end of 2025.
How do the parties explain the deal? "At-Bay's market position and unique capabilities make it a perfect addition to our specialty insurance portfolio," says Munich Re board member Mike Kerner. At-Bay co-founder and CEO Rotem Iram says joining Munich Re will accelerate the mission "to close the cybersecurity protection gap for the 90% of businesses being left behind".
What is the market context? Cyberattacks — increasingly AI-assisted — are driving demand for policies with built-in prevention. At-Bay pioneered the "InsurSec" model that merges insurance with security services; it is precisely this data foundation Munich Re wants to secure.
What does it mean for the market? The acquisition gives one of the world's largest reinsurers direct access to AI-assisted risk data from the SMB segment. For European SMBs it could mean more competition in continuously monitored cyber policies over time — though no terms have been announced.
FAQ
What exactly is Munich Re acquiring?
The cyber insurtech At-Bay, based in the US and Israel, at an enterprise value of $575 million.
When is the deal expected to close?
In the first quarter of 2027, subject to regulatory approvals.
Why does this matter for AI?
At-Bay continuously monitors insured cyber risks with technology-driven analytics and feeds the data back into underwriting — a model Munich Re wants to scale.
