Global reinsurance heavyweight Munich Re recently announced plans to acquire US cybersecurity insurtech firm At-Bay for USD 575 million. Upon completion of the transaction, At-Bay will be managed by Hartford Steam Boiler (HSB), Munich Re’s technology subsidiary specialising in cybersecurity.

Founded in 2017, At-Bay delivers integrated cyber insurance and proactive cybersecurity solutions tailored for small and medium-sized enterprises (SMEs). Rooted in the US market, it serves nearly 40,000 SME clients. As of the end of 2025, At-Bay recorded gross written premium of USD 278 million, alongside USD 23 million in cyber service revenue.

HSB has served as a key strategic partner of At-Bay since its inception. Through this acquisition, Munich Re will deepen its engagement in the cyber insurance market and further refine its risk management ecosystem. The transaction remains subject to customary regulatory and other approvals, with closing expected in the first quarter of 2027.