Innovation intelligence brief

At-Bay

Mountain View, United StatesPure InsurTechCyber Insurance

Start-upService Provider

Cyber insurance and risk management that empower you to embrace technology fearlessly.

What became of it

2026 evolution

Completed · High confidence · Last verified 2026-10-17

Status: Independent
Current brand: At-Bay ↗
Owner: At-Bay, Inc. (acquisition by Munich Re Group pending, expected Q1 2027)

As catalogued

Cyber insurance combined with active risk monitoring, using continuous external scanning of insureds' security posture to underwrite and to help prevent losses.

2026 reality

At-Bay is a top-10 US cyber insurer by its own account. It wrote USD 278m GWP in 2025 plus USD 23m cyber service fees and has close to 40,000 business customers. It distributes cyber, Tech E&O and MPL through brokers via At-Bay Insurance Services (a surplus lines agency), on non-admitted paper. At-Bay Security sells the Stance platform, MDR/MXDR and incident response. On 2026-08-19 Munich Re agreed to acquire it at a USD 575m enterprise value; HSB will oversee it after closing, expected in Q1 2027.

What changed

At-Bay expanded from cyber insurance with scanning into Tech E&O and MPL lines and a separately sold cybersecurity services business (managed detection and response, launched as MXDR in 2025). A sale to its long-time capacity partner HSB's parent, Munich Re, is pending.

Why it changedAnalysis

Security services monetise the risk-monitoring capability directly and reduce loss ratios. The Munich Re deal brings capacity and a balance sheet in-house as the cyber market consolidates.

What remains distinctiveAnalysis

A reference point for 'active insurance' that combines underwriting with security services; it is among the largest independent cyber MGAs in the US.

Key milestones

2017 At-Bay founded, with HSB as strategic capacity partner from the start.[2]
2025-07 Launched MXDR platform for mid-market and small businesses.[3]
2026-08-19 acquisitionMunich Re Group agreed to acquire At-Bay at a USD 575m enterprise value, to be overseen by HSB; closing expected Q1 2027.[2][4]

Third taxonomy

InsurTech Evolution (2026)

Company status: Independent
Strategic evolutionchange: Expanded
Business model (2026): B2B commercial lines Service-based
Business model shiftchange: Toward services New insurance lines
Insurance value chain: Distribution & sales Underwriting & pricing Claims Risk prevention
Technology evolution: AI-enhanced Data-driven
Market positioning: MGA / program administrator Service provider
Innovation maturity: Scaling
Current relevance: High

Explore the 2026 taxonomy →

Open questions

Company status is 'independent' because the Munich Re acquisition had not closed by 2026-10-17; it should be updated to 'acquired' after closing.
The MXDR launch month (2025-07) is inferred from the newsroom listing, not a dated release.
Funding rounds and the status of an own carrier (At-Bay Specialty) were not verified; web search was rate-limited.

REVIEW · Verified the 2026-08-19 Munich Re agreement (USD 575m EV, HSB oversight, Q1 2027 close, USD 278m GWP, ~40,000 customers) in At-Bay's release and independent coverage (added Insurance Journal). Status kept 'independent' pending closing.

Research sources (4)

[1] At-Bay homepage · At-Bay · 2026-10-17 · official
[2] Munich Re Group to Acquire Cyber Insurtech At-Bay · At-Bay · 2026-08-19 · official
[3] At-Bay Launches New MXDR Platform to Combat Cyber Risk for Mid-Market and Small Businesses · At-Bay · official
[4] At-Bay to Be Acquired by Munich Re for $575 Million · Insurance Journal · 2026-08-19 · press

Documented evidence

Evidence gallery

9 ASSETS

Homepage
Homepage
Homepage
Homepage
Homepage
Homepage 01-2022
Homepage 01-2022
Homepage 01-2022
Homepage 01-2022

Research interpretation

Taxonomy position

Classification paths, as catalogued, connect this example to the original insurance digitalization research models.

Value Network (2017)

Data-Driven Infrastructure Operations › TC2 Exploiting data for risk assessment and underwriting › Advanced data science
Digital Infrastructure Operations › TC1 Establishing digital service provisioning and distribution infrastructure › Web portal
Digital Service Provisioning › TC4 Offering services digitally › Digital policy administration and adjustments
Digital Service Provisioning › TC5 Complementing insurance with prevention and recovery services › Predictive prevention, proactive warnings
Insurance Service Development › TC7 Developing services that fulfil customer needs › Niche product
Insurance Service Development › TC9 Covering new risks › Coverage of risk arising from new phenomenon

Explore the complete taxonomy →