Munich Re Group agreed to acquire At-Bay, Inc., the US InsurSec provider combining cyber insurance with proactive cybersecurity, at an enterprise value of $575 million. Announced 19 August 2026, the transaction is expected to close in the first quarter of 2027 subject to regulatory approvals. At-Bay will be overseen by Hartford Steam Boiler (HSB), Munich Re's cyber-focused specialty insurer and a strategic partner since At-Bay's founding in 2017.
Acquiry Deal Intelligence · 19 August 2026
The transaction is Munich Re's clearest statement yet that cyber insurance is converging with continuous security management, and that InsurSec platforms serving SMEs are worth strategic premiums even when private-market marks have reset from the 2021 funding cycle.
On the same day Bending Spoons' Airtable transaction dominated software headlines, Munich Re quietly signed a $575 million agreement for At-Bay — a top-ten US cyber insurer that never pretended insurance and security were separate products.
What follows: the announcement in full, how InsurSec economics compare to 2021 private marks, why HSB is the natural owner, and what carriers and founders should expect as cyber M&A pivots from policies to platforms.
Markets and companies at a glance
Munich Re × At-Bay · Bending Spoons × Airtable · FinTech M&A hub
What happened
On 19 August 2026, Munich Re Group announced it had signed a definitive agreement to acquire At-Bay, Inc., the US-based InsurSec company that combines cyber insurance with proactive cybersecurity for small and medium-sized enterprises (SMEs).1 Enterprise value is $575 million. Closing is expected in the first quarter of 2027, subject to customary conditions including required regulatory approvals.
At-Bay will be overseen by Hartford Steam Boiler (HSB), the technology-forward specialty insurer within Munich Re's Global Specialty Insurance portfolio. HSB has been a strategic partner since At-Bay's founding in 2017 and supported its growth into a top-ten US cyber insurer with gross written premiums of $278 million for 2025 (US GAAP), plus cyber fee service revenues of $23 million.1 The company employs approximately 280 people in the United States and Israel.
Munich Re framed the acquisition as a move from standalone cyber coverage toward integrated, continuously managed risk mitigation platforms, the InsurSec model At-Bay has marketed since inception. At-Bay serves close to 40,000 businesses in the US, safeguarding up to $800 billion in collective business revenue, and offers Cyber, Technology Errors & Omissions (Tech E&O), and Miscellaneous Professional Liability (MPL) coverage alongside proprietary security including At-Bay Stance Managed Detection & Response (MDR).1
The announcement lands in an active August 2026 M&A window alongside software and insurtech transactions including Bending Spoons' $1.285 billion Airtable agreement and Francisco Partners' ~$650 million Weave take-private. For cyber specifically, Munich Re's deal is a carrier-scale validation that security-enabled underwriting is strategic, not a marketing wrapper on commodity policies.
The terms
Munich Re disclosed enterprise value but did not publish equity value, cash versus stock mix, retention pools, or earn-outs in the 19 August release.1 For a private InsurSec exit to a strategic carrier, headline EV is the anchor metric analysts and founders will cite first; detailed waterfall mechanics typically appear only in later regulatory filings if applicable.
What we know from primary sources:
- Enterprise value: $575 million
- Structure: Acquisition of At-Bay, Inc. (100% control implied; consideration detail not disclosed)
- Oversight: HSB Group post-close
- Timing: Expected close Q1 2027, regulatory approvals pending
- Scale (target): $278M GWP + $23M cyber fee revenues (2025, US GAAP); top-10 US cyber rank
- Footprint: ~40,000 US business customers; ~280 employees (US + Israel)
Transaction terms · Disclosed 19 Aug 2026
$575M EV · top-10 US cyber insurer
Consideration structure
- Acquisition of At-Bay, Inc.
- Oversight by Hartford Steam Boiler post-close
- Consideration detail beyond EV not disclosed
Primary source Munich Re Group media release, 19 August 2026.
Valuation context
- 2021 private peak
- ~$1.35B post-money
- 2026 enterprise value
- $575M
$575M ÷ $278M GWP ≈ 2.1× (announcement benchmark)
Valuation context
From 2021 private peak to the 2026 definitive agreement
Valuation math uses premium scale as the nearest public comp anchor. At $278 million of gross written premiums, the $575 million EV implies roughly 2.1× EV/GWP on disclosed 2025 premium, before fee revenues and before any adjustment for unearned premium, loss reserves, or capital structure.1 Insurtech multiples are not directly comparable to SaaS ARR multiples; loss ratios, combined ratios, and embedded security revenue all move the fair range. Treat 2.1× as an announcement benchmark, not a closing economic verdict.
Historical context sharpens the story. At-Bay's 2021 Series D funding round, $185 million raised, carried a post-money valuation of approximately $1.35 billion, per contemporaneous reporting widely cited in trade press.2 The 2026 EV represents a material reset from that peak, consistent with broader insurtech repricing and a buyer paying for current underwriting scale and strategic fit rather than 2021 growth narratives alone. Founders should treat vintage private marks as history, not anchors, when mapping strategic buyers in cyber.
Munich Re enters the transaction from a position of balance-sheet strength. The group reported insurance revenue of €60.4 billion and a net result of €6.1 billion for 2025, with specialty lines, including cyber, an explicit growth vector.1 The At-Bay price tag is large in absolute terms for an InsurSec platform but modest relative to Munich Re's scale, which supports an all-strategic rationale without the financing drama of a financial sponsor take-private.
Why Munich Re bought At-Bay
Cyber insurance has spent a decade oscillating between growth spurts and loss-driven repricing. Carriers that only sell policies discover risk faster than they can price it; brokers intermediating opaque risk frustrate SMEs without security staff; and regulators increasingly expect demonstrable risk reduction, not checkbox compliance. At-Bay's founding thesis, branded InsurSec, was that insurance and security must share a data layer across the policy lifecycle.
HSB's involvement is not opportunistic. Jeffrey O'Shaughnessy, president and CEO of HSB Group, described the combination as a "logical match" built on shared history in risk prevention and market-leading cyber solutions.1 Since 2017, HSB provided capacity and underwriting partnership while At-Bay built technology that continuously identifies, monitors, and reduces insured cyber risk. Full ownership removes partnership frictions and lets Munich Re integrate claims, security telemetry, and underwriting in one P&L, the vertically integrated insurer-security platform Munich Re cites as the market's direction of travel.
"At-Bay's market position and unique capabilities make it a perfect addition to our specialty insurance portfolio and an essential component of our future cyber offering. We expect the business to evolve into a strong earnings growth driver over time."
Mike Kerner, Member of the Board of Management, Munich Re (19 Aug 2026 release)1
Rotem Iram, At-Bay's CEO and co-founder, framed the buyer fit in distribution terms: joining Munich Re "accelerates At-Bay's mission to close the cybersecurity protection gap for the 90% of businesses being left behind."1 That language targets SMEs, law firms, healthcare practices, regional manufacturers, and tech services firms too small for enterprise SOCs but large enough to be ransomware targets. Munich Re gains a US SME cyber franchise with product, data, and security ops already fused, not a greenfield build inside a reinsurance culture.
Mike Kerner, member of Munich Re's Board of Management, elevated the deal from tuck-in to portfolio pillar: At-Bay is "an essential component of our future cyber offering" and "expected to evolve into a strong earnings growth driver over time."1 That is public-company language about ROE and specialty growth, not defensive consolidation. It signals Munich Re intends to compound At-Bay's model across HSB's broader business lines, equipment breakdown, specialty liability, and IoT-adjacent risk services where cyber is increasingly embedded.
Strategically, the transaction also rhymes with Munich Re's recent insurtech M&A. In March 2025, ERGO, part of the Munich Re group, completed the acquisition of the remaining stake in Next Insurance for approximately $2.6 billion, taking full ownership of another technology-forward US SME carrier.3 At-Bay is smaller in headline price but sharper in cyber vertical focus. Together, the deals show Munich Re building a US SME digital insurance stack through acquisition rather than internal incubation, a pattern founders in adjacent InsurSec categories should map when prioritizing strategic dialogues.
For competitors, standalone cyber MGAs, traditional carriers bolting on MDR, security vendors eyeing carrier licenses, the message is that integrated platforms with proven premium scale command strategic premiums even when private valuations compress. The winner narrative is operational: who can prove loss ratio improvement from security interventions, not who has the slickest policy admin portal.
Strategic rationale at a glance
InsurSec integration
Insurance + security in one continuous risk lifecycle.
SME cyber gap
Target the 90% of businesses lacking enterprise-grade protection.
HSB synergy
Nine-year partnership becomes full ownership and product depth.
Underwriting data
Security telemetry feeds pricing and loss prevention.
Specialty growth
Cyber as earnings driver within Munich Re Specialty.
Regulatory path
Q1 2027 close expected; both parties independent until then.
Munich Re cyber & insurtech acquisition cadence
Selected deals, 2025–2026. At-Bay is the latest InsurSec platform bet.
- Mar 2025 Next Insurance (remaining) ~$2.6B Closed
- Aug 2026 At-Bay $575M EV Pending close
Market implications
Cyber insurance is mid-shift from product to platform. Legacy carriers sell limits and adjust after claims; InsurSec operators bind coverage contingent on security posture, monitor exposure continuously, and feed telemetry back into underwriting. Munich Re's explicit rationale, evolving from standalone coverage to integrated risk mitigation, aligns with broker RFP language in 2026: buyers want prevention economics, not just claim payment speed.
The At-Bay transaction re-prices what "scale" means in cyber M&A. $278 million of GWP places At-Bay in the top decile of US cyber underwriters; $575 million EV sets a fresh strategic comp for platforms with similar premium density and security attach rates. Financial sponsors that underwrote 2021 vintage insurtech at software multiples must reconcile with carrier buyers paying low-single-digit times premium for proven books with embedded tech.
Comparable insurance and InsurSec transactions
Selected M&A comps for pricing context — live reports linked where available.
| Year | Buyer | Target | Value | EV/GWP or EV | Sector | |
|---|---|---|---|---|---|---|
| 2025 | Munich Re / ERGO | Next Insurance | ~$2.6B | — | Insurtech / US SME | — |
| 2026 | Bending Spoons | Airtable | $1.285B EV | ~2.7× ARR | Enterprise SaaS | Report → |
| 2026 | Francisco Partners | Weave Communications | $650M | — | Vertical healthcare SaaS | — |
| 2026 | Fortinet | Virtue AI | Undisclosed | — | Cybersecurity / AI | — |
For sellers: InsurSec founders should prepare combined-ratio narratives, not just premium growth charts. Demonstrate where Stance-style MDR or equivalent controls reduced claim frequency for named cohorts. Map capacity partners who could become acquirers, HSB's nine-year courtship is the playbook. Clean regulatory filings, actuarial credibility, and US state licensing footprints matter as much as NRR in SaaS.
For carriers and reinsurers: Munich Re's move pressures peers to own security outcomes, not delegate them. Expect more partnerships hardening into M&A, especially where MGAs control broker distribution and proprietary risk data. Reinsurers with cyber exposure should model whether integrated InsurSec books outperform standalone cyber over a full pricing cycle.
For security vendors: MDR providers, exposure management platforms, and identity security firms should watch whether Munich Re cross-sells At-Bay capabilities into HSB's non-cyber lines. Vertical integration may reduce standalone security budgets at insured SMEs while expanding wallet share inside carrier bundles, a channel shift that changes partnership economics.
Broader Deal Intelligence context: August 2026 clusters large strategic bets (Airtable at $1.285B EV, Francisco Partners' ~$650M Weave take-private) with vertical InsurSec and security tuck-ins. Consolidation is not uniform, buyers pay for category leadership with measurable underwriting or recurring revenue, not for optionality alone.
What happens next
Insurance change-of-control transactions typically traverse regulatory review, integration planning, and post-close operating model announcements in sequence. Munich Re expects close in Q1 2027, a timeline that suggests confidence in approvals but acknowledges insurance department and potential antitrust review in the United States and other relevant jurisdictions.1
For brokers and wholesale partners, the transaction reduces counterparty ambiguity: At-Bay's capacity story becomes Munich Re's balance sheet, which may simplify placement for SME cyber programs that previously weighed startup carrier risk against product innovation. Expect competitive responses from other top-ten cyber writers accelerating MGA partnerships or InsurSec acquisitions of their own.
Until close, At-Bay and Munich Re operate independently per standard practice. Brokers and policyholders should expect continuity of coverage and security services; integration teams will likely work behind the scenes on brand, technology stack, and HSB reporting lines. Watch for state insurance department filings (Form A and equivalents) that may disclose finer financial terms than the headline release.
Post-close, HSB leadership under Jeffrey O'Shaughnessy becomes the integration authority. Key milestones Acquiry will track: combined product roadmap (Cyber + Tech E&O + MPL with Stance MDR), broker commission structures, and whether Munich Re exports the InsurSec model beyond US SME into other HSB geographies. Earnings calls for Munich Re (MUV2) may quantify synergy expectations and capital allocation for specialty growth.
For At-Bay's Israeli and US engineering teams, the transaction mirrors other Israeli insurtech outcomes, global carriers acquiring technology depth they cannot replicate quickly in-house. Talent retention through close will signal how aggressively Munich Re intends to invest in product velocity versus underwriting discipline alone.
Acquiry will update this report when primary sources publish regulatory approvals, amended premium disclosures, or post-close integration plans. Continuous reporting is core to Deal Intelligence: transaction pages are living documents, not static press summaries.
Acquiry analysis
Acquiry's read is that Munich Re paid for underwriting proof at scale, not for a cyber startup story detached from premium. At-Bay's combination of top-ten US ranking, $278 million GWP, and an embedded security platform gave Munich Re something a reinsurance balance sheet alone cannot assemble quickly: SME distribution, proprietary risk telemetry, and a nine-year operational partnership already stress-tested with HSB.
Three structural forces make this deal more than a mid-market insurtech headline. First, buyer type: Munich Re is a strategic carrier with permanent capital and multi-decade liability horizons. That changes seller dynamics versus private equity: earn-outs tied to rapid margin expansion may give way to investment in loss prevention and slower, compounding ROE, a different negotiation posture for founders who optimized for 2021-style growth multiples.
Second, vertical integration. InsurSec is no longer experimental. Carriers that treat security as a value-added service will lose data and pricing power to platforms that treat security as underwriting infrastructure. At-Bay under HSB becomes a reference architecture for "continuous cyber risk management" that brokers can cite in SME RFPs, raising the bar for standalone cyber quotes without monitoring.
Third, valuation reset realism. The gap between $1.35 billion (2021) and $575 million EV (2026) is a cautionary comp for founders holding vintage marks. Strategic exits can still be excellent outcomes when premium scale and buyer fit are strong, but the multiple conversation starts from today's book quality, not peak private euphoria. Sellers should run parallel tracks: strategic carriers, reinsurer-backed MGAs, and PE roll-ups, each underwrites different risk.
For shareholders exploring a sale in cyber insurance, MDR, or InsurSec, the comparable set now spans At-Bay ($575M EV to Munich Re), Next Insurance (~$2.6B ERGO consolidation), and security-adjacent transactions such as Fortinet's Virtue AI tuck-in (undisclosed, August 2026). Each reflects a buyer with a different thesis, but all reward defensible risk reduction economics and production data, not roadmap slides.
Regulatory capital treatment and rating-agency perception will matter after close. Specialty carriers that demonstrably reduce cyber loss frequency through security controls may earn more favorable capital allocation over time, turning InsurSec from marketing language into a balance-sheet advantage. That is the long game Kerner's "earnings growth driver" quote implies, even if near-term synergy numbers stay undisclosed for now.
If you are evaluating a sale in insurtech, cyber, or security-enabled underwriting, this transaction is a useful comp for both valuation framing and buyer mapping. Acquiry tracks carrier mandates and sector theses through our Deal Intelligence programme and sell-side advisory work in FinTech M&A.
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How to cite this report
Munich Re Group agreed to acquire At-Bay, Inc., the US InsurSec provider combining cyber insurance with proactive cybersecurity, at an enterprise value of $575 million. Announced 19 August 2026, the transaction is expected to close in the first quarter of 2027 subject to regulatory approvals. At-Bay will be overseen by Hartford Steam Boiler (HSB), Munich Re's cyber-focused specialty insurer and a strategic partner since At-Bay's founding in 2017.
https://www.acquiry.com/deal-intelligence/munich-re-acquires-at-bay/
Acquiry Deal Intelligence, "Munich Re acquires At-Bay for $575 million", https://www.acquiry.com/deal-intelligence/munich-re-acquires-at-bay/, accessed 2026-08-19.
APA (7th edition)
Boyton, J. (2026). Munich Re acquires At-Bay for $575 million. Acquiry Deal Intelligence. https://www.acquiry.com/deal-intelligence/munich-re-acquires-at-bay/
Chicago (author-date)
Acquiry. "Munich Re acquires At-Bay for $575 million." Deal Intelligence. Acquiry, 2026-08-19. https://www.acquiry.com/deal-intelligence/munich-re-acquires-at-bay/.
BibTeX
@misc{acquiry-munich_re_acquires_at_bay-2026,
author = {Joash Boyton},
title = {Munich Re acquires At-Bay for $575 million},
publisher = {Acquiry},
year = {2026},
url = {https://www.acquiry.com/deal-intelligence/munich-re-acquires-at-bay/},
urldate = {2026-08-19},
note = {Continuously updated Deal Intelligence report}
}
Primary sources
- Munich Re Group — definitive agreement to acquire At-Bay (primary) — https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-information/2026/media-release-2026-08-19.html
- Munich Re Group corporate site (company) — https://www.munichre.com/en.html
- At-Bay company site (company) — https://www.at-bay.com/
- Hartford Steam Boiler (HSB) (company) — https://www.hsb.com/
- XETRA MUV2 quote (market) — https://www.google.com/finance/quote/MUV2:ETR
Frequently asked questions
How much is Munich Re paying for At-Bay?
Munich Re agreed to acquire At-Bay at an enterprise value of $575 million, per the 19 August 2026 media release. Consideration structure beyond headline EV has not been disclosed.
When will the deal close?
The companies expect closing in the first quarter of 2027, subject to customary conditions including required regulatory approvals.
Who will run At-Bay after close?
At-Bay will be overseen by Hartford Steam Boiler (HSB), the technology-forward specialty insurer within Munich Re's Global Specialty Insurance business. HSB has been a strategic partner since At-Bay's founding.
What is At-Bay's premium scale?
At-Bay reported gross written premiums of $278 million for 2025 (US GAAP), plus cyber fee service revenues of $23 million, and ranks among the top ten US cyber insurers per Munich Re's release.
What is InsurSec?
InsurSec combines cyber insurance with proactive security services in one integrated platform. At-Bay continuously identifies, monitors, and reduces insured cyber risk across the policy lifecycle while offering proprietary security including At-Bay Stance Managed Detection & Response (MDR).
How does the price compare to At-Bay's 2021 valuation?
At-Bay's 2021 Series D round valued the company at approximately $1.35 billion post-money. The $575 million enterprise value announced in 2026 reflects a material reset from peak private-market pricing, consistent with broader insurtech and cyber multiple compression.
What does Munich Re's stock ticker trade under?
Munich Re Group shares trade on XETRA under MUV2 (also available as ADR MURGY). The acquirer is one of the world's largest reinsurance and primary insurance groups, with €60.4 billion insurance revenue in 2025.
How many customers does At-Bay serve?
At-Bay provides insurance and security solutions to close to 40,000 businesses in the US, safeguarding up to $800 billion in collective business revenue, per company disclosures cited in the release.
Is At-Bay Israeli-founded?
At-Bay was founded in 2017 and maintains operations in the United States and Israel, with approximately 280 employees across both locations. CEO and co-founder Rotem Iram welcomed the transaction in the release.
Why does this matter for cyber M&A?
Strategics are paying for integrated insurance-plus-security platforms that reduce loss ratios and improve underwriting data — not standalone policy factories. Founders building InsurSec, MDR, or cyber underwriting tech should map buyers across carriers, reinsurers, and specialty lines like HSB.
Frequently asked questions
How much is Munich Re paying for At-Bay?
$575 million enterprise value, per the 19 August 2026 Munich Re media release.1
What is At-Bay's premium volume?
$278 million gross written premiums for 2025 (US GAAP), plus $23 million cyber fee service revenues.1
When will the deal close?
First quarter of 2027, subject to regulatory approvals and customary conditions.
Why HSB?
HSB has been At-Bay's strategic partner since founding in 2017 and is Munich Re's cyber-focused specialty insurer, the natural operating home for an InsurSec platform.
How does this compare to At-Bay's 2021 valuation?
The 2021 Series D post-money valuation was approximately $1.35 billion. The 2026 EV reflects a reset consistent with insurtech repricing and strategic buyer pricing on current premium scale.2
Why does this matter for InsurSec founders?
Carriers pay strategic premiums for integrated insurance-plus-security platforms with proven GWP and loss prevention data, especially when a capacity partner already validates the model. Prepare actuarial credibility, regulatory cleanliness, and cohort-level security outcome evidence before a strategic process.
Deal facts, timeline & comparables
| Entity | Identifier | Value / link |
|---|---|---|
| Munich Re | Stock ticker | XETRA: MUV2 |
| Buyer | Munich Re Group (XETRA: MUV2) | |
| Target | At-Bay, Inc. | |
| Enterprise value | $575 million | |
| Oversight | Hartford Steam Boiler (HSB), Munich Re Specialty | |
| Consideration | 100% acquisition (terms undisclosed beyond EV) | |
| Status | Announced, regulatory review pending | |
| Expected close | First quarter 2027 | |
| Sector | Cyber insurance / InsurSec (SME) | |
| Munich Re | Corporate site | https://www.munichre.com/en.html |
| At-Bay | Corporate site | https://www.at-bay.com/ |
| Sector hub | Acquiry index | /fintech-acquisitions/ |
| Year | Buyer | Target | Value | Report |
|---|---|---|---|---|
| 2025 | Munich Re / ERGO | Next Insurance | ~$2.6B | — |
| 2026 | Bending Spoons | Airtable | $1.285B EV | View report → |
| 2026 | Francisco Partners | Weave Communications | $650M | — |
| 2026 | Fortinet | Virtue AI | Undisclosed | — |
| Date | Event |
|---|---|
| At-Bay founded; HSB becomes strategic partner from inception | |
| At-Bay Series D ($185M) at ~$1.35B post-money valuation (historical benchmark) | |
| At-Bay reports $278M GWP plus $23M cyber fee service revenues (US GAAP) | |
| ERGO (Munich Re) completes acquisition of remaining Next Insurance stake (~$2.6B) | |
| Munich Re announces definitive agreement to acquire At-Bay at $575M EV | |
| Expected close (subject to regulatory approvals) |
Methodology & structured data
This is a continuously updated Deal Intelligence report, not a one-off news article.
Data provenance
- Transaction terms — Munich Re Group media release, 19 August 2026 (primary).
- Metrics — GWP and cyber fee revenues from Munich Re release (2025, US GAAP); labelled as reported.
- Market data — MUV2 fetched at build time from XETRA via public market data.
- Comparable deals — Selected live Deal Intelligence reports and announced transactions only.
- Historical context — At-Bay 2021 Series D post-money ~$1.35B cited for context (trade reporting).
Update policy
- First published: 2026-08-19
- Last updated: 2026-08-19
- Acquiry will append regulatory filings and closing announcements.
Editorial standards
Analysis sections are Acquiry opinion. Factual statements require primary sourcing. Enterprise value ($575M) as announced; EV/GWP multiples illustrative only.
Limitations
Until closing, parties may operate independently where stated. State insurance department and customary merger-control approvals expected through Q1 2027 close. Not investment advice.
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