Munich Re acquiring Israeli cyber insurance startup At-Bay in deal worth hundreds of millions
The German insurance giant is buying At-Bay, which combines cyber insurance with security and risk-monitoring technology. The deal marks another major Israeli investment by Munich Re, which also owns Next Insurance.
Insurance giant Munich Re is acquiring Israeli insurtech unicorn At-Bay, which provides cyber insurance to organizations. The Insurer first reported the news. The acquisition price was not disclosed, but it is estimated to be in the hundreds of millions of dollars.
The Israeli-founded At-Bay previously focused on cyber insurance, developing significant technology in the field. The company was valued at $1.35 billion in its most recent funding round in 2021 and has raised $276 million to date. Munich Re is one of the company's investors and has also partnered with At-Bay in the insurance market over the years.
Other investors in the company include Qumra Capital, Microsoft's M12 fund, Shlomo Kramer, Lightspeed Venture Partners, Acrew Capital and Khosla Ventures. In recent years, At-Bay has faced significant changes in the insurance market, as well as rising interest rates, and was forced to lay off dozens of employees, including a significant portion of its development team in Israel.
At-Bay was founded in 2016 by Rotem Iram, Roman Itskovich, Etai Hochman and Tilli Kalisky. The company provides cyber insurance for businesses, but unlike traditional insurers, it combines monitoring, security and risk-analysis capabilities with its insurance products. In other words, it does not simply insure customers against the consequences of a cyberattack; it also seeks to identify and reduce their exposure to cyber risks before an attack occurs.
The acquisition is another example of the growing convergence between cybersecurity and insurance, as insurers seek greater control over the risks they underwrite and the technology used to assess and mitigate them.
In March 2025, ERGO, part of the Munich Re group, announced the acquisition of the remaining 71% of Israeli-founded Next Insurance for approximately $2.6 billion, making the company fully owned by ERGO. Munich Re and ERGO had invested in Next since 2017 and previously held approximately 29% of the company. The At-Bay deal therefore marks Munich Re's second major acquisition of an Israeli insurance technology company and further strengthens the country's role as an important technology hub for the German insurance giant.
