Israeli Cyber Insurance Firm At-Bay Sold to Munich Re for $575 Million Amid Market Shift
Translated & summarized from Calcalist by baba
Israeli cyber insurance company At-Bay is being acquired by Munich Re Group for $575 million, reflecting a market correction from its 2021 valuation. Founded in 2016, At-Bay offers integrated cyber risk insurance and security services, serving over 35,000 US businesses. The deal, expected to close in 2027, benefits all investors and employees, with the company joining Munich Re’s HSB subsidiary to expand cyber insurance offerings.
The story in 6 lines · by baba
- At-Bay is sold to Munich Re for $575 million, closing expected in 2027 after regulatory approval.
- The company’s valuation dropped from $1.35 billion in 2021 to reflect current market realities.
- At-Bay now has $280 million in insurance premiums and $30 million in cyber product revenues annually.
- All investors and employees profited from the deal, with $300 million raised to date.
- At-Bay insures over 35,000 small and medium US businesses using a unified security platform.
- Munich Re will integrate At-Bay into its HSB subsidiary to enhance cyber insurance solutions.
At-Bay, an Israeli-founded cyber insurance company, is being acquired by German insurance giant Munich Re Group for $575 million, a significant deal expected to close in 2027 pending regulatory approval. Founded in 2016 by CEO Rotem Iram and partners, At-Bay offers cyber insurance combined with risk monitoring and security analytics, aiming to reduce risks before cyberattacks occur. The company has grown substantially, now generating nearly six times the insurance premiums compared to 2021, with $280 million in premiums and $30 million in cyber product revenues annually.
Despite the sale price being lower than the $1.35 billion valuation during the 2021 unicorn bubble, Iram emphasized that the current market is more realistic and focused on cash flow. He noted that all investors and employees profited from the deal, with $300 million raised in funding so far and a workforce of 280 employees in the US and Israel. At-Bay targets small and medium US businesses lacking extensive cybersecurity resources, insuring over 35,000 companies through its unified security platform.
Munich Re, a long-time investor and partner, will integrate At-Bay into its HSB subsidiary, specializing in technology-driven insurance solutions. Munich Re’s Global Specialty Insurance head Mike Kerner highlighted At-Bay’s strategic positioning and growth potential, while HSB CEO Jeffrey O’Shaughnessy praised the synergy between the companies’ cyber expertise. Iram described the acquisition as a major success, especially given the challenging market conditions that have caused many growth companies to fail, stressing At-Bay’s conservative capital approach and market leadership.
Other investors include Qumra Capital, Microsoft’s M-12 fund, Lightspeed, Acrew Capital, Khosla Ventures, and others. The founders and most employees will remain with the company post-acquisition, continuing to build At-Bay as a full business unit within Munich Re’s portfolio.
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