Munich RE Acquires Israeli Cyber Insurance Insurtech At Bay
Translated & summarized from Calcalist by baba
Munich RE is acquiring Israeli cyber insurance startup At Bay for an estimated hundreds of millions of dollars. Founded in 2016, At Bay offers cyber insurance combined with proactive risk monitoring. The company faced recent layoffs amid market challenges but remains a valued partner of Munich RE.
The story in 6 lines · by baba
- Munich RE is acquiring Israeli cyber insurance firm At Bay for hundreds of millions of dollars.
- At Bay was valued at $1.35 billion in 2021 and has raised $276 million to date.
- The company integrates cyber risk monitoring and security into its insurance products.
- Munich RE has been an investor and partner of At Bay for several years.
- At Bay faced layoffs recently due to insurance market changes and rising interest rates.
- At Bay was founded in 2016 by Rotem Iram, Roman Itskovich, Itay Hochman, and Tilly Kaliski.
Munich RE, a global insurance giant, is acquiring At Bay, an Israeli insurtech unicorn specializing in cyber insurance for organizations. The acquisition amount was not officially disclosed but is estimated to be in the hundreds of millions of dollars. Founded in 2016, At Bay has developed advanced technologies in cyber risk monitoring and mitigation, offering insurance products that combine coverage with proactive security and risk analysis.
At Bay was last valued at $1.35 billion in its 2021 funding round and has raised a total of $276 million to date. Munich RE has been an investor and partner of At Bay for several years. Other notable investors include Qumra Capital, Microsoft’s M-12 fund, Shlomo Kramer, Lightspeed, Acrew Capital, and Khosla Ventures.
In recent years, At Bay faced challenges due to shifts in the insurance market and rising interest rates, leading to significant layoffs, including many employees at its Israeli development center. The company was founded by Rotem Iram, Roman Itskovich, Itay Hochman, and Tilly Kaliski. Unlike traditional insurers, At Bay integrates cyber monitoring and risk analysis into its insurance offerings to reduce risks before cyber incidents occur.
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