Munich Re agrees to buy cyber insurtech At-Bay at a $575 million enterprise value
Munich Re will acquire At-Bay, to be overseen by Hartford Steam Boiler within its Global Specialty Insurance business, at an enterprise value of $575 million, with closing expected in the first quarter of 2027 subject to regulatory approvals. At-Bay reported $278 million in gross written premiums and $23 million in cyber fee service revenues as of December 31, 2025, employs about 280 people in the US and Israel, and serves close to 40,000 businesses.