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

Munich Re has agreed to buy At-Bay, a US-based cyber insurance and cybersecurity startup, for an enterprise value of $575 million. The deal, announced on August 19, marks the German reinsurance giant’s latest and most direct bet that the future of insurance runs through cybersecurity. At-Bay raised capital at a $1.35 billion post-money valuation during its 2021 Series D round. Selling for $575 million means the company is changing hands at roughly 43 cents on the dollar relative to that peak. What Munich Re is buying At-Bay was founded in 2017 with a premise that sounds obvious in hindsight: pair cyber insurance policies with actual cybersecurity tools so claims happen less often. The company serves approximately 40,000 small and medium-sized enterprises across the US. As of December 31, 2025, At-Bay reported gross written premiums of roughly $278 million, plus another $23 million in fee revenues from its cybersecurity services. That $301 million combined top line gives the $575 million price tag a revenue multiple under 2x. The company employs around 280 people split between the US and Israel. Once the deal closes, expected in Q1 2027 pending regulatory approvals, At-Bay will oper...