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Munich Re to acquire At-Bay for $575 million to expand cyber insurance
The deal is expected to close in the first quarter of 2027, with At-Bay overseen by Hartford Steam Boiler as part of Munich Re’s Global Specialty Insurance business.
Munich Re has agreed to acquire At-Bay, a US InsurSec provider focused on cyber insurance and risk management, for an enterprise value of $575 million, aiming to strengthen its position in the cyber market. Under the planned structure, At-Bay would be overseen by Hartford Steam Boiler, or HSB, within Munich Re’s Global Specialty Insurance unit after the transaction closes, which is expected in the first quarter of 2027.
At-Bay, founded in 2017, had gross written premiums of $278 million as of the end of 2025. Munich Re said HSB has been a strategic partner since At-Bay’s earlier growth, including supporting the insurer during a $185 million Series D funding round that closed in 2021, when At-Bay’s post-money valuation was $1.35 billion.
Munich Re described the combination as bringing together a technology platform with insurance and proactive risk mitigation capabilities, and it expects the move to improve access to a rapidly changing cyber insurance market. At-Bay’s focus is the SME market in the US, using a unified security platform to identify, monitor, and reduce insured cyber risk across the policy lifecycle.