Munich RE Acquires Israeli Cyber Insurance Insurtech At Bay

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.