The price implies a roughly 2x multiple on At-Bay's $278 million in gross written premiums. It is also a material step down from the $1.35 billion post-money valuation At-Bay carried after its 2021 Series D. That gap tracks the broader reset in insurtech valuations since the venture peak.
At-Bay will sit within Hartford Steam Boiler (HSB), the specialty insurance arm of Munich Re and the company's lead reinsurer since 2022. At-Bay holds a top-10 position in the US cyber insurance market, according to Munich Re.
Beyond the insurance book, At-Bay operates InsurSec, an integrated platform that monitors policyholders' systems continuously across the full policy lifecycle. Security data feeds back into underwriting in real time. The company reported that its platform addresses risk factors associated with 86% of customer claims.
At-Bay focuses on small and medium-sized enterprises (SMEs). Cyber insurance penetration among SMEs remains between 10% and 20% based on Swiss Re data, compared to 60% to 70% among large corporates. SMEs account for 43% of all data breaches, according to Verizon's 2025 Data Breach Investigations Report.
Munich Re generated $1.7 billion in cyber insurance premiums in 2025, split equally between primary insurance and reinsurance. The acquisition converts a longstanding capacity relationship into direct ownership of At-Bay's underwriting platform, data assets, and security operations.
For reinsurers, the deal signals how leading market participants are repositioning as cyber softens. Munich Re cyber chief underwriter Jürgen Reinhart said in July 2026 the global cyber market was estimated at nearly $16 billion. He said Munich Re generated $1.7 billion in cyber insurance premiums in 2025, split equally between primary insurance and reinsurance.
Proprietary loss and risk data from At-Bay's continuous monitoring platform is inaccessible to cedant-facing reinsurers through traditional relationships. Cyber reinsurance pricing fell 32% at the January 2026 renewal, according to Gallagher Re's Cyber Risk Adjusted Rating Index. The ability to underwrite from real-time security data represents a competitive advantage the traditional cedant model cannot replicate.
HSB Group president and chief executive officer Jeffrey O'Shaughnessy said the combination would accelerate a shift toward vertically integrated platforms. He described the goal as connecting insurance, security, and claims into one continuous risk management system.
At-Bay co-founder and chief executive officer Rotem Iram said the acquisition would extend the company's reach to small businesses currently underserved by cyber solutions. At-Bay currently employs approximately 280 people in the U.S. and Israel.
