Munich Re Group agreed on 19 August to acquire At-Bay, a US cyber insurance and cybersecurity provider for small and medium-sized enterprises, at an enterprise value of $575m.
Why Munich Re is buying At-Bay
Munich Re said the deal strengthens its and HSB's position in cyber by combining insurance with proactive risk mitigation and a technology platform, as the market shifts from standalone cover to continuously managed risk.
“We expect the business to evolve into a strong earnings growth driver over time.”
Deal terms and financing
The agreement values At-Bay at $575m on an enterprise value basis. At-Bay will be overseen by Hartford Steam Boiler within Munich Re's Global Specialty Insurance business.
Regulatory approvals and timing
Closing is expected in the first quarter of 2027, subject to regulatory approvals and customary conditions.
Market context
At-Bay has about 280 employees in the US and Israel and gross written premiums of $278m. HSB has partnered with At-Bay since it was founded in 2017.
