Munich Re has agreed to buy At-Bay, a cyber-insurance startup, for $575mn. The deal values the company at less than half what it was worth in 2021. The German insurance group announced the acquisition on Wednesday, in a statement.
The price is a reset. At-Bay was valued at $1.35bn in its last funding round in 2021, according to Calcalist’s CTech. The $575mn enterprise value is well under that. CTech linked the drop to tougher conditions in the technology and insurance markets since then.
The deal is due to close in the first quarter of 2027, subject to regulatory approvals and customary conditions, Reuters reported. At-Bay will sit inside Hartford Steam Boiler, Munich Re’s cyber-focused specialty unit. The move is a rare large acquisition in the insurtech sector, which has cooled since its 2021 peak.
What At-Bay does
At-Bay mainly sells cyber insurance to small and medium-sized businesses. It pairs that cover with its own security software, an approach it brands “InsurSec”, short for insurance and security. The idea is to prevent attacks in the first place, not just pay out after them.
