German insurance group Munich Re has announced that it has reached an agreement to acquire 100% of the shares of Israeli cyber insurance company At-Bay at an Enterprise Value of $575 million. The transaction is subject to customary conditions and regulatory approvals, and is expected to close during the first quarter of 2027.
At-Bay, founded in 2016 by Rotem Iram (CEO) and Roman Itskovich (CRO), developed a platform combining insurance coverage with active cybersecurity solutions. The company focuses primarily on the small and medium-sized business (SMEs) market in the US, providing protection to over 35,000 insured companies. Since its establishment, the company has raised about $300 million from prominent funds, including Khosla Ventures, Lightspeed Venture, Qumra Capital, M12, and Glilot, and currently employs about 280 workers in Israel and the US.
Following the completion of the acquisition, At-Bay will join HSB, a subsidiary of Munich Re Specialty specializing in technological insurance solutions, which has served as a strategic partner to At-Bay since its establishment. The two founders of the Israeli company are expected to join the acquiring company's management.
Rotem Iram, founder and CEO of At-Bay, stated that "the connection with Munich Re will accelerate our mission to close the cyber protection gap for the 90% of businesses that are left behind. Together, we will receive the financial backing and global accessibility that will allow us to bring our solution to every small and medium business in the world."
Michael Kerner, board member at Munich Re, noted that "At-Bay's strategic positioning and unique capabilities make it a perfect addition to our insurance portfolio and a vital component in the group's future cyber offering."