The cyber insurance provider will operate under Hartford Steam Boiler following the transaction’s expected closing in early 2027.
Munich Re Group has agreed to acquire cyber insurance and security provider At-Bay Inc. at an enterprise value of $575 million, the companies announced Aug. 19.
The transaction is subject to regulatory approvals and other customary closing conditions. It is expected to close in the first quarter of 2027.
At-Bay will be overseen by Hartford Steam Boiler, part of Munich Re’s specialty insurance business. HSB has been a strategic partner of At-Bay since the insurtech was founded in 2017.
At-Bay provides cyber insurance and proactive cybersecurity services primarily to small and midsize businesses in the United States. Its platform combines coverage, security monitoring, risk mitigation and claims services. The company also writes technology errors and omissions and miscellaneous professional liability coverage through non-admitted insurers.
At-Bay has grown into a top-10 U.S. cyber insurer, according to the announcement. The company reported $278 million in gross written premium as of Dec. 31, 2025, along with $23 million in cyber service fee revenue. It employs approximately 280 people in the United States and Israel and provides insurance and security services to nearly 40,000 U.S. businesses.
Munich Re said the acquisition will expand its specialty cyber capabilities as the market shifts from standalone insurance products toward services that combine coverage with continuous risk monitoring and prevention.
“At-Bay’s market position and unique capabilities make it a perfect addition to our specialty insurance portfolio,” said Mike Kerner, a member of Munich Re’s Board of Management. He added that Munich Re expects the business to become a source of earnings growth over time.
At-Bay co-founder and CEO Rotem Iram said joining Munich Re will give the company additional scale and reach as it works to serve smaller organizations that often lack the cybersecurity resources available to larger companies.
Following the acquisition, HSB and At-Bay plan to connect insurance, cybersecurity and claims support in a single risk-management offering. Jeffrey O’Shaughnessy, president and CEO of HSB Group, said the combination will strengthen HSB’s cyber offering and support faster product development.
Ardea Partners served as At-Bay’s exclusive financial adviser, while Cooley provided legal counsel. Sullivan & Cromwell advised Munich Re.
Information for this article was provided by At-Bay, Inc. Views and claims expressed in this article are those of the source company and do not necessarily reflect the views of AgencyEquity.com. This article may have been edited with the help of AI.
