Report: Insurance giant Munich RE acquires Israeli company At Bay for hundreds of millions of dollars

Insurance giant Munich RE is acquiring the insurtech unicorn At Bay, which insures organizations against cyber threats. In a report by The Insurer newspaper, the acquisition amount was not disclosed, but it is estimated to be in the hundreds of millions of dollars.

The Israeli company At Bay previously focused on the cyber insurance sector and developed significant technologies in the field, and today it also invests in the cyber sector. The company, founded in 2016, was valued at $1.35 billion in its last funding round in 2021 and has raised $276 million to date. The insurance giant is one of the Israeli company's investors and has been collaborating with it in the insurance field for years. Other investors in the company include Qumra Capital, Microsoft's M-12 fund, Shlomo Kramer, Lightspeed, Acrew Capital, and Khosla Ventures.

In recent years, the company has faced many changes in the insurance world and rising interest rates, and was forced to lay off dozens of its employees, including a significant portion of the development center that the company maintains in Israel. At Bay was founded in 2016 by Rotem Iram, Roman Itskovich, Itai Hochman, and Tili Kliski. The company offers cyber insurance for businesses, but unlike a traditional insurance company, it integrates monitoring, security, and risk analysis capabilities into the product. In other words, it does not just insure the client in the event of an attack — it tries to identify and reduce the risk even before the event.

In March 2025, ERGO, part of the Munich Re group, announced the acquisition of the remaining 71% of NEXT Insurance for approximately $2.6 billion, so the company moved to full ownership by ERGO. Munich Re and ERGO had been investors in NEXT since 2017 and previously held about 29%, so this is the second acquisition by the German insurance giant in Israel, making Israel one of its most important centers.