Munich Re to acquire At-Bay for $575 million

Munich Re has agreed to acquire cyber insurance startup At-Bay at an enterprise value of $575 million, with the transaction expected to close in the first quarter of 2027. At-Bay will be overseen by Munich Re’s HSB unit, which has supported the company since its 2017 launch.

At-Bay serves nearly 40,000 US businesses and generated $278 million in gross written premium and $23 million in cyber-service revenue in 2025. Its carrier, At-Bay Specialty Insurance Company , reported $269.2 million in gross written premium, $39.6 million in net written premium, a $6.8 million underwriting loss and a $615,000 net loss for the year, ending 2025 with $228 million in assets and $100.2 million in policyholder surplus.

At-Bay raised nearly $296 million in disclosed funding, including three rounds involving Munich Re Ventures, and was valued at $1.35 billion following its $185 million Series D in 2021—more than double the acquisition valuation. The company later acquired multi-carrier quoting platform Relay Platform but shut it down in August to focus on its insurance and cybersecurity operations. An anonymous June 2026 employee review alleged that At-Bay had laid off more than 30% of its workforce, while a December 2025 job posting indicated that the company was exploring expansion into Europe.

Bottom Line: Munich Re and Travelers have taken similar shortcuts into small-business and cyber insurance through acquisitions. Travelers paid $490 million for Simply Business in 2017 and $435 million for Corvus in 2024. Munich Re acquired Hiscox-like small-business insurer Next Insurance for $2.6 billion in 2025—well below its previous $4 billion private valuation after an anticipated IPO never materialized—and participated in three At-Bay funding rounds totaling $253 million before agreeing to acquire the company for $575 million. The corrections now fall to the parent companies.