Munich Re has agreed to acquire At-Bay, an Israeli-founded cyber insurtech, for an enterprise value of $575 million, with completion expected in the first quarter of 2027 after regulatory approvals and customary closing conditions. At-Bay combines cyber insurance with continuous monitoring and managed security services, allowing insurers to help prevent losses while using exposure data to improve underwriting. The company generates $278 million in gross written premiums, employs about 280 people in the United States and Israel, and will be integrated into Munich Re's technology-focused and cyber-oriented HSB arm. The transaction represents a substantial reduction from At-Bay's $1.35 billion private valuation in 2021, amid tougher conditions for technology and insurance companies. It is also Munich Re's second major acquisition of an Israeli-founded insurtech in two years, following ERGO's agreement in March 2025 to buy the remaining 71% of Next Insurance for about $2.6 billion.