Munich Re has agreed to acquire At-Bay Inc., a U.S.-based insurtech specializing in cyber insurance for small and midsize enterprises, for $575 million in cash.
The transaction, announced on Wednesday, marks Munich Re’s latest move to bolster its cyber insurance capabilities amid rising demand for digital risk coverage. At-Bay, founded in 2017, has grown into one of the top 10 cyber insurers in the U.S., with projected gross written premiums of $278 million for 2025, according to Munich Re.
The Munich-based reinsurer said At-Bay already collaborates with its subsidiary Hartford Steam Boiler (HSB), a specialty insurer within Munich Re’s U.S. operations. The acquisition will integrate At-Bay’s platform and underwriting expertise into Munich Re’s broader cyber insurance strategy.
At-Bay employs 280 staff across offices in the U.S. and Israel. The deal is expected to close in the second half of 2024, subject to regulatory approvals.
Munich Re did not disclose further financial terms or integration plans.
