German insurance coverage firm Munich Re has introduced that it’s buying Israeli cyber Insurtech firm At-Bay for $575 million. This can be a decrease valuation than At-Bay obtained in its most up-to-date financing spherical in 2021 when it raised cash at a valuation of $1.36 billion, based on PitchBook.
At-Bay operates a small insurtech cybersecurity growth middle in Israel with most of its operations within the US the place it markets cybersecurity and knowledge safety insurance coverage merchandise. The corporate has raised almost $300 million thus far from Israeli and US traders, not all of whom will see a return on their funding.
Re-Munich’s second acquisition in Israel
In keeping with PitchBook’s database, among the many later traders who entered the corporate when it was valued at $1.3 billion on the peak of the 2021 tech bubble are Israeli funds corresponding to ION, Glilot and the Tel Aviv-listed Large Tech 50 partnership. These funds are anticipated to put in writing down their funding within the firm.
A yr earlier, in 2020, Israeli progress fund Qumra Capital led an funding spherical at a valuation of $334 million. Because of this, the fund will file an inexpensive return on the funding that stretched over six years. The most important beneficiaries of the deal are the unique traders in At-Bey, who’ve been investing in it since 2017, together with Shlomo Kramer, one of many firm’s seed traders; Lightspeed, Microsoft and Munich Re itself, which led an funding spherical within the firm in 2020 at a valuation of $134 million.
At-Bay was based by CEO Rotem Iram and Roman Itskovich. Iram informed “Globes” final yr. “Cyber insurance coverage immediately covers nearly any kind of pc failure – whether or not attributable to cyber gangs or by worker negligence, which contributes to the excessive premiums. Cyber gangs have turned ransomware assaults into an enormous trade of extortion underneath the auspices of Bitcoin, which is nameless and untraceable. If prior to now they attacked bank card firms to steal card numbers, immediately the best strategy to generate profits is to encrypt the pc community or servers of firms, threaten to launch data and demand a ransom of tens of millions of {dollars}.”
Iram stated immediately, “At-Bay is a market chief in InsurSec combining cyber insurance coverage and cybersecurity into an entire and built-in cyber threat answer. With Munich Re, we achieve the size and attain to higher handle the evolving wants of each small enterprise.”
That is the second acquisition by Munich Re in Israel, after it acquired Subsequent Insurance coverage in March final yr. Even then, the client benefited from the decline within the worth of insurtech firms. Subsequent was offered for $2.6 billion, after elevating $1.1 billion and reaching a file valuation of $4 billion.
Printed by Globes, Israel enterprise information – en.globes.co.il – on August 19, 2026.
© Copyright of Globes Writer Itonut (1983) Ltd., 2026.
