GlobesEconomy
German Insurer Munich Re Acquires Israeli Insurtech At Bay for $575 Million
Translated & summarized from Globes by baba
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Munich Re buys Israeli insurtech At Bay for $575 million, down from its $1.36 billion valuation in 2021.
The story in 5 lines · by baba
- Munich Re acquires Israeli insurtech At Bay for $575 million.
- At Bay's current sale price is less than half its 2021 valuation of $1.36 billion.
- The deal reflects shifting valuations in the insurtech market since 2021.
- At Bay is a Tel Aviv-based company specializing in insurance technology.
- The acquisition underscores global insurers' continued interest in Israeli tech firms.
German insurance company Munich Re has acquired the Israeli insurtech firm At Bay for $575 million. This acquisition price is significantly lower than At Bay's valuation during its 2021 funding round, when it was valued at $1.36 billion, according to PitchBook. The deal marks a notable transaction in the insurtech sector, reflecting changes in market valuations since At Bay's previous fundraising. The acquisition highlights ongoing interest from major global insurers in Israeli technology companies, despite fluctuations in company valuations over recent years.
