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Munich Re to acquire cyber insurer At-Bay for $575 million

The deal is slated to close in the first quarter of 2027, with At-Bay serving nearly 40,000 US businesses and generating $278 million in gross written premium in 2025.

Reported · Written up by our desk · Industry & Deals

Munich Re has agreed to acquire cyber insurance startup At-Bay for an enterprise value of $575 million, with the transaction expected to close in the first quarter of 2027.

Under the terms of the deal, At-Bay will be overseen by Munich Re’s HSB unit, which has backed the company since it launched in 2017.

At-Bay serves nearly 40,000 US businesses and reported $278 million in gross written premium and $23 million in cyber-service revenue in 2025, while its carrier, At-Bay Specialty Insurance Company, posted $269.2 million in gross written premium and a $6.8 million underwriting loss.

The company has raised nearly $296 million in disclosed funding, including three rounds involving Munich Re Ventures, and was valued at $1.35 billion after its $185 million Series D in 2021, more than double the acquisition valuation.

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