Munich Re to acquire cyber insurtech At-Bay for $575 million

Munich Re has agreed to acquire US-based cyber insurtech At-Bay for approximately $575 million. The acquisition will bring At-Bay under the management of HSB (Hartford Steam Boiler), a specialty insurance and technology-focused subsidiary of Munich Re.

At-Bay provides integrated cyber insurance and proactive cybersecurity services, primarily targeting small and medium-sized enterprises. In 2025, the company reported approximately $278 million in gross premiums. This transaction represents a significant decrease from At-Bay’s roughly $1.35 billion valuation during its 2021 Series D funding round.

The deal is intended to strengthen Munich Re’s position in the cyber market by combining insurance with active risk reduction and modern technology platforms. The integration is expected to be completed in the first quarter of 2027, subject to regulatory approvals. AM Best has placed At-Bay’s subsidiary, ABSIC, under observation with positive implications following the announcement.