Munich Re buys Israeli cyber insurer At-Bay in deal worth hundreds of millions
What's the deal? Munich ReDealroom has a profile for this one. Try Dealroom → is acquiring At-Bay, an Israeli insurtech unicorn that provides cyber insurance to businesses. The price was not disclosed but is estimated in the hundreds of millions of dollars.
What does At-Bay do? Founded in 2016 by Rotem Iram, Roman Itskovich, Etai Hochman, and Tilli Kalisky, At-Bay pairs cyber insurance with monitoring, security, and risk-analysis technology. Rather than only insuring customers against attacks, it works to identify and reduce their exposure beforehand.
The backstory: At-Bay was valued at $1.35 billion in its 2021 funding round and has raised $276 million to date. Backers include Munich Re, Qumra CapitalDealroom has a profile for this one. Try Dealroom →, Microsoft's M12 fund, Shlomo Kramer, Lightspeed Venture Partners, Acrew CapitalDealroom has a profile for this one. Try Dealroom →, and Khosla Ventures.
Why now? Munich Re is already an investor in At-Bay and has partnered with it in the insurance market for years. The startup recently faced a shifting insurance market and rising interest rates, forcing it to lay off dozens of employees, including a large share of its Israeli development team.
What's the strategic rationale? The deal reflects the growing convergence of cybersecurity and insurance, as insurers seek greater control over the risks they underwrite and the technology used to assess and reduce them.
The signal: This is Munich Re's second major acquisition of an Israeli insurance technology company. In March 2025, its subsidiary ERGODealroom has a profile for this one. Try Dealroom → bought the remaining 71% of Next Insurance for roughly $2.6 billion. The At-Bay purchase further cements Israel's role as a technology hub for the German insurer.
Read more: Calcalist Tech
Image credit: Generated with Gemini
