Insurance giant Munich Re acquires Israeli At Bay for $575 million

German insurance giant Munich Re is acquiring Israeli insurtech company At Bay for $575 million for 100% of its shares. The deal is subject to regulatory approvals and is expected to close in 2027. At Bay, founded in 2016, has raised $276 million to date and was valued at $1.35 billion in its last funding round in 2021. Following the acquisition, the company will join HSB, a subsidiary of Munich Re Specialty.

German insurance giant Munich Re is acquiring Israeli insurtech company At Bay, which insures organizations against cyber threats, for $575 million for 100% of its shares. The final agreement has been signed, and the completion of the deal is subject to regulatory approvals and is expected to close in 2027. At Bay, founded in 2016 by Rotem Iram, Roman Itskovich, Itai Hochman, and Tilly Klisky, has raised $276 million to date and was valued at $1.35 billion in its last funding round in 2021. The company, which previously focused on cyber insurance, integrates monitoring, security, and risk analysis capabilities into its product. Following the acquisition, At Bay will join HSB, a subsidiary of Munich Re Specialty, which has been its strategic partner since its founding. Today, At Bay is one of the top ten cyber insurance companies in the US, with $280 million in premiums and over $30 million in annual sales of cyber security products. In recent years, the company has faced changes in the insurance world and rising interest rates, and was forced to lay off dozens of its employees. This is Munich Re's second acquisition in Israel, following the acquisition of NEXT Insurance in March 2025.