(Image source: At-Bay homepage.)
Munich Re (Munich) has agreed to acquire At-Bay (San Francisco), a cyber InsurTech providing cyber insurance and cybersecurity services for small and midsize businesses.
The transaction values At-Bay at $575 million, according to a Munich Re statement. Closing is subject to customary conditions, including regulatory approvals, and is expected in the first quarter of 2027.
Mike Kerner, Member of the Board of Management, Munich Re.
At-Bay will be overseen by HSB (Hartford, Conn.), part of Munich Re’s Global Specialty Insurance business. HSB has been a strategic partner of At-Bay since the company’s founding in 2017, according to Munich Re.
Munich Re says the acquisition is intended to strengthen its cyber market position by combining insurance with proactive risk mitigation and a technology platform. The company says the cyber market is evolving from standalone coverage toward integrated, continuously managed risk mitigation platforms.
At-Bay primarily serves the U.S. SME market. Munich Re says the company uses a unified security platform to identify, monitor and reduce insured cyber risk across the policy lifecycle, while generating data insights to support underwriting and security innovation.
“At-Bay’s market position and unique capabilities make it a perfect addition to our specialty insurance portfolio and an essential component of our future cyber offering,” comments Mike Kerner, Member of the Board of Management, Munich Re. “The acquisition further expands the depth and breadth of our specialty insurance expertise, ultimately benefitting all partners and clients of Munich Re Specialty.”
Jeffrey O’Shaughnessy, President and CEO, HSB Group.
At-Bay has developed into a top-10 U.S. cyber insurer, with gross written premium of $278 million as of Dec. 31, 2025, based on U.S. GAAP, plus $23 million in cyber fee service revenue, according to Munich Re. The company employs about 280 people in the United States and Israel.
“HSB and At-Bay are a logical match, each with a history and vision of risk prevention, mitigation and market-leading cyber risk solutions,” comments Jeffrey O’Shaughnessy, President and CEO, HSB Group. “The combination of At-Bay’s market-leading cyber capabilities and HSB’s intense cyber and underwriting expertise will significantly enhance our cyber offering and accelerate our speed to innovate in a market moving towards vertically integrated insurer-security platforms.”
O’Shaughnessy says the combination will connect insurance, security and claims in a continuous cyber risk management ecosystem.
Closing the Cybersecurity Protection Gap
Rotem Iram, CEO and Co-Founder, At-Bay.
“Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90 percent of businesses being left behind,” comments Rotem Iram, CEO and Co-Founder, At-Bay. “At-Bay is 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.”
At-Bay provides cyber insurance, technology errors and omissions, and miscellaneous professional liability coverage through non-admitted insurers, according to Munich Re. The company also offers proprietary security services, including At-Bay Stance Managed Detection & Response.
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