German Insurance Giant Munich Re Acquires Israeli Cyber Insurer At-Bay for $575 Million

Munich Re, a leading German insurance group, announced an agreement to acquire 100% of Israeli cyber insurance company At-Bay for an enterprise value of $575 million. The deal, subject to customary conditions and regulatory approvals, is expected to close in the first quarter of 2027. Founded in 2016 by CEO Rotem Iram and CRO Roman Yatskovich, At-Bay developed a platform that combines cyber insurance coverage with active cybersecurity solutions, primarily targeting small and medium-sized enterprises (SMEs) in the United States. The company currently protects over 35,000 insured businesses.

At-Bay has raised approximately $300 million from prominent investors including Khosla Ventures, Lightspeed Venture, Qumra Capital, M12, and Glilot, and employs around 280 people across Israel and the US. Following the acquisition, At-Bay will join HSB, a subsidiary of Munich Re Specialty focused on technology insurance solutions, which has been At-Bay’s strategic partner since its inception. Both founders are expected to join Munich Re’s management team.

Rotem Iram stated that the partnership with Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for 90% of businesses currently underserved, leveraging Munich Re’s financial backing and global reach to expand their solutions worldwide. Mike Kreiner, Munich Re board member, emphasized At-Bay’s strategic positioning and unique capabilities as a perfect addition to Munich Re’s insurance portfolio and a key component in the group’s future cyber offerings.