Munich Re Targets Integrated Cyber Risk Protection With At-Bay Purchase

(IN BRIEF) Munich Re Group has agreed to acquire U.S.-based cyber insurtech At-Bay, Inc. at an enterprise value of $575 million, with the business to be overseen by Hartford Steam Boiler (HSB), part of Munich Re’s Global Specialty Insurance business, after closing, which is expected in the first quarter of 2027 subject to customary conditions and regulatory approvals. At-Bay provides integrated cyber insurance and proactive cybersecurity solutions for small and medium-sized enterprises, using a unified security platform to identify, monitor and reduce insured cyber risk across the policy lifecycle while generating data insights for underwriting and security innovation. HSB has been a strategic partner of At-Bay since its founding in 2017, helping the company become a top-10 U.S. cyber insurer with USD 278 million in gross written premiums as of 31 December 2025 and USD 23 million in cyber fee service revenues. Munich Re said the acquisition strengthens its cyber market position as the sector shifts from standalone coverage toward integrated, continuously managed risk mitigation platforms.

(PRESS RELEASE) MUNICH, 20-Aug-2026 — /EuropaWire/ — Munich Re Group has announced an agreement to acquire At-Bay, Inc., a U.S.-based insurtech company providing integrated cyber insurance and cybersecurity solutions for small and medium-sized enterprises.

The transaction values At-Bay at an enterprise value of $575 million.

The acquisition is intended to strengthen Munich Re’s position in the cyber insurance market by combining insurance, proactive cyber risk mitigation and technology-based security capabilities.

Following completion, At-Bay will be overseen by Hartford Steam Boiler, known as HSB, which is part of Munich Re’s Global Specialty Insurance business and Munich Re Specialty portfolio.

The closing of the transaction is subject to customary conditions, including required regulatory approvals.

The transaction is expected to close in the first quarter of 2027.

Mike Kerner, Member of the Board of Management at Munich Re, said At-Bay’s market position and capabilities make it a strong addition to Munich Re’s specialty insurance portfolio and an important part of the group’s future cyber offering.

He said the acquisition further expands the depth and breadth of Munich Re Specialty’s expertise and is expected to benefit partners and clients.

Kerner added that the business is expected to develop into a strong earnings growth driver over time.

At-Bay provides cyber insurance and proactive cybersecurity solutions designed to offer total cyber risk protection.

The company primarily serves the small and medium-sized enterprise market in the United States, focusing on organisations that face rising cyber risk but often lack the resources and specialist expertise of large enterprises.

Through its unified security platform, At-Bay continuously identifies, monitors and reduces insured cyber risk across the full policy lifecycle.

The platform also generates data insights that support underwriting practices and security innovation.

Munich Re said the acquisition reflects the evolution of the cyber market from standalone coverage toward integrated and continuously managed risk mitigation platforms.

HSB has been a strategic partner of At-Bay since the company was founded in 2017.

The partnership has supported At-Bay’s development into a top-10 U.S. cyber insurer, with gross written premiums of USD 278 million as of 31 December 2025, based on U.S. GAAP.

The company also generated USD 23 million in cyber fee service revenues.

At-Bay currently employs approximately 280 people in the United States and Israel.

Jeffrey O’Shaughnessy, President and Chief Executive Officer of HSB Group, said HSB and At-Bay are a logical match because both have a history and vision focused on risk prevention, mitigation and market-leading cyber risk solutions.

He said the combination of At-Bay’s cyber capabilities and HSB’s cyber and underwriting expertise will significantly enhance Munich Re’s cyber offering and accelerate innovation in a market moving toward vertically integrated insurer-security platforms.

O’Shaughnessy added that the combined business will be able to offer customers holistic cyber protection by connecting insurance, security and claims within one continuous risk management ecosystem.

Rotem Iram, CEO and co-founder of At-Bay, said joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for businesses that remain underserved.

He said At-Bay is a market leader in InsurSec, combining cyber insurance and cybersecurity into an integrated cyber risk solution.

Iram added that Munich Re will provide the scale and reach needed to better address the evolving needs of small businesses.

Through the acquisition, Munich Re Group is expanding its specialty insurance capabilities and positioning HSB and At-Bay to support a cyber insurance market increasingly focused on prevention, monitoring, security services and managed risk protection.

Munich Re Targets Integrated Cyber Risk Protection With At-Bay Purchase

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