Munich Re has acquired US cyber InsurTech At-Bay for $575m, strengthening its position in a market where insurers are increasingly combining cyber cover with technology designed to prevent and manage attacks.
The acquisition comes as the cyber insurance market develops beyond traditional policies towards models that combine insurance with ongoing risk monitoring and mitigation. At-Bay’s platform brings together cyber insurance and cybersecurity capabilities, allowing businesses to monitor their exposure throughout the life of a policy.
Munich Re already operates in the cyber insurance market, but the acquisition will add At-Bay’s technology and SME-focused offering to the group’s existing capabilities.
At-Bay has focused on small and medium-sized businesses, a segment that can face significant cyber risks while often lacking the specialist resources available to larger organisations. The company has since grown into a top-10 cyber insurer in the US, generating $278m in gross written premiums. The company employs around 280 people across the US and Israel.
Its platform continuously monitors policyholders’ cyber exposure and uses the resulting data within its underwriting process. This creates a feedback loop between cybersecurity activity and insurance, allowing risk information to inform pricing and other underwriting decisions.
Munich Re member of the board of management Mike Kerner said, “At-Bay’s market position and unique capabilities make it a perfect addition to our specialty insurance portfolio and an essential component of our future cyber offering. The acquisition further expands the depth and breadth of our specialty insurance expertise, ultimately benefitting all partners and clients of Munich Re Specialty. We expect the business to evolve into a strong earnings growth driver over time.”
HSB Group president and CEO Jeffrey O’Shaughnessy added, “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.”
At-Bay CEO and co-founder Rotem Iram also commented, “Joining Munich Re will accelerate At-Bay’s mission to close the cybersecurity protection gap for the 90% of businesses being left behind. At-Bay is a market leader in InsurSec combining cyber insurance and cyber security into a complete and integrated cyber risk solution. With Munich Re, we gain the scale and reach to better address the evolving needs of every small business.”
The acquisition points to a wider shift in cyber insurance, with insurers increasingly looking to combine underwriting, cybersecurity and claims into more continuous risk management models.
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