Munich Re Acquires Israeli Cyber Insurance Startup At-Bay for $575 Million

German insurance giant Munich Re has acquired the Israeli cyber insurance startup At-Bay for $575 million, marking a significant decrease from its 2021 valuation of $1.35 billion. Founded in 2016 by Rotem Iram, Roman Yatskovich, Itay Hochman, and Tilly Kalisky, At-Bay offers a platform combining cyber insurance with cybersecurity services to protect organizations from cyber threats. Its main product, Stance, provides continuous network and device monitoring, vulnerability scanning, dark web surveillance, and AI-driven phishing filtering.

Munich Re had previously invested in At-Bay, with one of its subsidiaries serving as the primary reinsurer since 2022. At-Bay is currently ranked among the top ten cyber insurance companies in the U.S., generating $280 million in premiums and over $30 million in annual sales of cybersecurity products. The company has faced challenges recently, including workforce reductions of about 10% in 2023, affecting its Israeli development center.

Since its inception, At-Bay has raised approximately $276 million from investors such as Microsoft’s investment arm, Lightspeed, and Shlomo Kramer. Rotem Iram, At-Bay’s founder and CEO, stated that the partnership with Munich Re will leverage the insurer’s financial strength and global reach to expand their cyber risk management solutions to small and medium businesses worldwide. This acquisition follows Munich Re’s purchase of NEXT Insurance for $2.6 billion.