Munich Re Group has agreed to acquire cyber insurtech At-Bay for US$575m.

At-Bay provides cyber insurance and cybersecurity services to SMEs. Its platform monitors cyber risk during the policy lifecycle and provides data to support underwriting. The company has around 280 employees and gross written premiums of US$278m.

Following completion, At-Bay will be overseen by HSB, Munich Re's technology-focused and cyber specialist insurance business, and a strategic partner of At-Bay since its founding in 2017.

Jeffrey O’Shaughnessy, president and chief executive officer of HSB Group, said: “HSB and At-Bay are a logical match, each with a history and vision of risk prevention, mitigation and market-leading cyber risk solutions. The combination of At-Bay’s market-leading cyber capabilities and HSB’s intense cyber and underwriting expertise will significantly enhance our cyber offering and accelerate our speed to innovate in a market moving towards vertically integrated insurer-security platforms. Together, we will be able to offer our customers across all of HSB’s business models with holistic cyber protection by connecting insurance, security and claims into one continuous risk management ecosystem.”

The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and other customary conditions.

---