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Munich Re Acquires Israeli Cyber Insurance Startup At-Bay for $575 Million
Munich Re has acquired Israeli cyber insurance startup At-Bay for $575 million, down from a $1.35 billion valuation in 2021. At-Bay provides a cybersecurity and insurance platform and is among the top ten U.S. cyber insurers.
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What happened
- 01Munich Re buys Israeli cyber insurance startup At-Bay for $575 million, down from $1.35 billion valuation in 2021.
- 02At-Bay offers a platform combining cyber insurance with AI-driven cybersecurity services.
- 03At-Bay is among the top ten U.S. cyber insurers with $280 million in premiums.
- 04The company cut about 10% of its workforce in 2023, including in Israel.
- 05At-Bay raised $276 million from investors including Microsoft’s investment arm and Lightspeed.
- 06Munich Re’s acquisition follows its $2.6 billion purchase of NEXT Insurance.
The deal strengthens Munich Re’s global cyber insurance presence and follows its recent $2.6 billion acquisition of NEXT Insurance.
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