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Munich Re Group will acquire At-Bay, the US cyber insurtech. The price is $575 million. Munich Re announced the deal Wednesday. It should close in the first quarter of 2027, pending regulatory approval. At-Bay will sit inside Hartford Steam Boiler (HSB). HSB is Munich Re’s technology-focused specialty arm. It has backed At-Bay since the company’s founding in 2017. That relationship now converts from capacity partner to owner.
An Exit
At-Bay wrote $278 million in gross written premiums in 2025. Add $23 million in cyber fee service revenue. The price works out to roughly twice premium. But down from where the company once stood. At-Bay closed a $185 million Series D round in 2021. That round valued the company at $1.35 billion. Wednesday’s price is a down round dressed as an exit.
Why At-Bay, Why Now
The logic tracks Munich Re’s own research. Its 2026 cyber outlook found that most cyber incidents and claims hit small and medium-sized firms, not the large corporates that get the headlines. At-Bay sells almost entirely into that segment. Small business cyber insurance penetration sits between 10% and 20%. Large corporates run 60% to 70%. Verizon’s 2025 Data Breach Investigations Report puts 43% of all data breaches at small businesses. Munich Re’s own protection gap survey found 52% of C-level executives say their company has never even been offered cyber insurance. At-Bay CEO Rotem Iram called the deal a step toward closing that gap, for what he termed “the 90% of businesses being left behind.”
At-Bay’s claims data is the real asset here. Its 2026 InsurSec Report draws on more than 100,000 policy years. It traced 73% of ransomware attacks to VPN entry points. One group, Akira, was behind more than 40% of claims in the book. That is the kind of portfolio-wide signal a reinsurer buys a platform for. A customer list alone would not do it.
The Executive Take
Mike Kerner, a member of the Board of Management at Munich Re, called At-Bay’s market position essential to Munich Re’s future cyber offering. He said he expects the business to become a strong driver of earnings over time.
“The acquisition further expands the depth and breadth of our specialty insurance expertise, ultimately benefitting all partners and clients of Munich Re Specialty. We expect the business to evolve into a strong earnings growth driver over time,” said Kerner.
Jeffrey O’Shaughnessy, president and chief executive officer of HSB Group described the pairing: “HSB and At-Bay are a logical match, each with a history and vision of risk prevention, mitigation and market-leading cyber risk solutions.” He framed the deal as part of a broader shift already underway in the market, away from separate insurance and security products and toward one connected system spanning insurance, security and claims. Neither man mentioned the valuation the company traded at four years ago.
Rotem Iram, CEO and co-founder of At-Bay, “[We are] a market leader in InsurSec combining cyber insurance and cyber security into a complete and integrated cyber risk solution. With Munich Re, we gain the scale and reach to better address the evolving needs of every small business.”
Not The Only Cyber Insurer Buying In
Munich Re is not the only insurer buying its way into the integrated model. Zurich Insurance Group agreed in March to buy Beazley outright, for roughly $11 billion. Beazley built that deal around its Full Spectrum Cyber offering and Beazley Security, the unit it created by merging its cyber team with Lodestone in 2024. Two of the largest names in cyber insurance have now changed hands in the same year. Both times, for the same reason. Insurers would rather buy the integrated model than build one.
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