Munich Re Group agreed to acquire At-Bay, a U.S. company that sells cyber insurance together with security services to small and mid-sized businesses, the German reinsurer said on 19 August 2026. The deal values At-Bay at an enterprise value of $575 million.
After closing, At-Bay will be overseen by Hartford Steam Boiler (HSB), the part of Munich Re's Global Specialty Insurance business that focuses on technology and cyber risks. HSB has been one of At-Bay's main strategic partners since the startup was founded.
The companies expect to complete the transaction in the first quarter of 2027, subject to customary closing conditions including regulatory approvals. Munich Re did not say how the price would be paid.
What At-Bay built
At-Bay describes itself as an "InsurSec" company, combining insurance policies with tools that help customers avoid being breached in the first place. Alongside cyber coverage it sells a managed detection and response service, At-Bay Stance MDR, which monitors customers' systems for attacks.
According to Munich Re, At-Bay insures close to 40,000 U.S. businesses. It recorded $278 million in gross written premiums for 2025 and a further $23 million in cyber fee service revenue. Munich Re said HSB's support helped At-Bay become one of the ten largest cyber insurers in the United States.
At-Bay also carries risk on its own balance sheet. Business Insurance reported that the company bought an excess and surplus lines insurer in 2023 and began issuing cyber and technology errors and omissions policies on its own paper later that year. Coverager reported that the carrier, At-Bay Specialty Insurance Company, wrote $269.2 million in gross premiums in 2025 and posted a small net loss of $615,000.
“We expect the business to evolve into a strong earnings growth driver over time.”
Why Munich Re is buying
Munich Re said the deal deepens its position in cyber insurance, a market that it said increasingly pairs coverage with security services and ongoing risk reduction. Mike Kerner, a member of Munich Re's board of management, called At-Bay a fit for the group's specialty insurance portfolio and said he expected the business to grow into a strong source of earnings over time.
Jeffrey O'Shaughnessy, president and chief executive of HSB Group, said the two companies shared a history of focusing on preventing and reducing risk rather than only paying claims. At-Bay chief executive and co-founder Rotem Iram said joining Munich Re would speed up the company's effort to close what he called the cybersecurity protection gap.
The founders and the funding
At-Bay was co-founded by Rotem Iram, its chief executive, and Roman Itskovich, its chief risk officer. Munich Re puts its founding in 2017, while Business Insurance gives 2016. The company has about 280 employees in the United States and Israel and is headquartered in San Francisco, according to Business Insurance.
Coverager reported that At-Bay raised nearly $296 million in disclosed funding. Its largest round was a $185 million Series D in 2021, its third round in 18 months, which valued the company at $1.35 billion after the investment. The HSB fund of Munich Re Ventures was an existing investor in that round, and Coverager reported that Munich Re Ventures took part in three of At-Bay's rounds.
Measured against the 2021 valuation, the $575 million enterprise value is a steep discount. It is also less than twice At-Bay's combined 2025 premiums and service revenue of $301 million.
A buyer that already knew the business
HSB had provided underwriting capacity to At-Bay since its early years, and in 2022 At-Bay called HSB its largest capital provider and lead reinsurer, according to Business Insurance. That relationship means the acquirer has seen At-Bay's loss experience for most of the company's life.
The deal comes as At-Bay narrows its focus. Coverager reported that the company shut down Relay Platform, a multi-carrier quoting business it had acquired, in August 2026 so it could concentrate on insurance and cybersecurity.
