Cyber insurers, companies that sell coverage against losses from hacking and ransomware, are moving toward pairing policies with real-time security monitoring. Munich Re has agreed to pay $575 million (€493.67 million) for At-Bay, a US company that has built its business on exactly that model. At-Bay is among the top ten US cyber insurers by scale, with $278 million in gross written premiums. It was founded in 2017.
The deal places At-Bay inside Hartford Steam Boiler, known as HSB, Munich Re's technology-focused Specialty insurance unit. HSB has been a partner to At-Bay since its founding, and Munich Re credits that relationship with At-Bay's development into a top-ten insurer.
What At-Bay's platform does
At-Bay's CEO and co-founder Rotem Iram uses the term "InsurSec," combining insurance and security, to describe the product. The platform identifies cyber risks before a policy is issued, monitors them across the coverage period, and generates data that At-Bay says improves its underwriting. Iram said joining Munich Re will let the company pursue what he called closing the "cybersecurity protection gap" for the 90% of businesses he characterized as underserved. That figure is his, attributed in the announcement.
Munich Re management board member Mike Kerner said the acquisition expands the group's specialty insurance depth and breadth. Munich Re's own public framing is that the cyber insurance market is moving from stand-alone annual policies toward what the company described as "integrated, continuously managed risk mitigation." Owning At-Bay's monitoring platform is the stated mechanism for that shift.
At-Bay employs roughly 280 people across the United States and Israel. The transaction requires regulatory approval and other standard closing conditions, with completion expected in the first quarter of 2027.
HSB's recent product history shows where the combined entity may focus next. In February, HSB launched HSB Commercial Cyber for Auto, a policy covering small and medium-sized businesses against cyber risks from internet-connected vehicles. The coverage responds to malware attacks on vehicle systems and extortion demands, whether payment is sought in traditional currency or cryptocurrency.