German insurance company Munich Re has announced that it is acquiring Israeli cyber Insurtech company At-Bay for $575 million. This is a lower valuation than At-Bay received in its most recent financing round in 2021 when it raised money at a valuation of $1.36 billion, according to PitchBook.
At-Bay operates a small insurtech cybersecurity development center in Israel with most of its operations in the US where it markets cybersecurity and data security insurance products. The company has raised nearly $300 million to date from Israeli and US investors, not all of whom will see a return on their investment.
Re-Munich’s second acquisition in Israel
According to PitchBook’s database, among the later investors who entered the company when it was valued at $1.3 billion at the height of the 2021 tech bubble are Israeli funds such as ION, Glilot and the Tel Aviv-listed Big Tech 50 partnership. These funds are expected to write down their investment in the company.
A year earlier, in 2020, Israeli growth fund Qumra Capital led an investment round at a valuation of $334 million. As a result, the fund will record a reasonable return on the investment that stretched over six years. The biggest beneficiaries of the deal are the original investors in At-Bey, who have been investing in it since 2017, including Shlomo Kramer, one of the company’s seed investors; Lightspeed, Microsoft and Munich Re itself, which led an investment round in the company in 2020 at a valuation of $134 million.
At-Bay was founded by CEO Rotem Iram and Roman Itskovich. Iram told "Globes" last year. "Cyber insurance today covers almost any type of computer failure - whether caused by cyber gangs or by employee negligence, which contributes to the high premiums. Cyber gangs have turned ransomware attacks into a huge industry of extortion under the auspices of Bitcoin, which is anonymous and untraceable. If in the past they attacked credit card companies to steal card numbers, today the most effective way to make money is to encrypt the computer network or servers of companies, threaten to release information and demand a ransom of millions of dollars."
Iram said today, "At-Bay is a market leader in InsurSec combining cyber insurance and cybersecurity 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."
This is the second acquisition by Munich Re in Israel, after it acquired Next Insurance in March last year. Even then, the buyer benefited from the decline in the value of insurtech companies. Next was sold for $2.6 billion, after raising $1.1 billion and reaching a record valuation of $4 billion.
Published by Globes, Israel business news - en.globes.co.il - on August 19, 2026.
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