Munich Re has agreed to buy cyber-insurance startup At-Bay for $575mn, less than half its $1.35bn 2021 valuation, in a reset for the insurtech market.

Munich Re has agreed to buy cyber-insurance startup At-Bay for $575mn, less than half its $1.35bn 2021 valuation, in a reset for the insurtech market.

Munich Re will acquire Israeli cyber insurer At-Bay for $575M. Founded in 2016 with 280 employees, the company will join Munich Re subsidiary HSB.