At-Bay
At-Bay is a San Francisco-based cyber InsurTech that has grown into a top-10 U.S. cyber insurer, combining cyber insurance underwriting with proactive risk-mitigation technology and a continuous risk-monitoring platform for small and midsize businesses. Founded in 2017 in partnership with HSB (a Mun
Visit Website ↗ + Add to CompareOverview
At-Bay is a San Francisco-based cyber InsurTech that has grown into a top-10 U.S. cyber insurer, combining cyber insurance underwriting with proactive risk-mitigation technology and a continuous risk-monitoring platform for small and midsize businesses. Founded in 2017 in partnership with HSB (a Munich Re Group company that has been a strategic partner since At-Bay’s founding), the company reported gross written premium of $278 million as of December 31, 2025, plus $23 million in cyber fee service revenue.
Munich Re Group agreed to acquire At-Bay for $575 million, announced August 19, 2026, with At-Bay to be overseen by HSB within Munich Re’s Global Specialty Insurance business. Munich Re said the deal strengthens its cyber market position by combining insurance capacity with proactive risk mitigation and a technology platform, reflecting a broader shift in the cyber insurance market from standalone coverage toward integrated, continuously managed risk-mitigation platforms. Closing, subject to regulatory approval, is expected in Q1 2027.
Innovation Matrix Assessment
Nine years building an integrated cyber insurance and risk-mitigation technology platform, growing to top-10 U.S. cyber insurer scale with $278M in gross written premium.
An active underwriting and continuous risk-monitoring platform serving small and midsize businesses at real scale, with a long-standing strategic operating partnership with HSB since founding.
A disclosed $575 million acquisition by Munich Re, one of the world's largest reinsurers, announced August 2026, is a major, independently verifiable and substantial momentum signal.
Combining cyber insurance underwriting with proactive risk mitigation and continuous monitoring represents a genuine shift from traditional standalone cyber coverage, a shift Munich Re itself cites as an industry-wide trend At-Bay helped drive.
Independently disclosed gross written premium of $278M and top-10 U.S. cyber insurer status are strong, verifiable real-world business metrics rather than unverified marketing claims.
Cyber insurance combined with active risk mitigation is increasingly central to enterprise risk management as breach costs and regulatory exposure continue to rise.
Why CISOs Should Care
Combines cyber insurance with active risk-mitigation technology and continuous monitoring rather than treating insurance and security as separate concerns — relevant to CISOs increasingly evaluated on both loss prevention and risk transfer.
What Makes It Different
Built cyber insurance as a technology-first, actively risk-monitored product from day one (in partnership with HSB/Munich Re since founding) rather than bolting technology onto a traditional underwriting model, and achieved top-10 U.S. cyber insurer scale as an independent company before this acquisition.
The Matrix Verdict
70/100 — MEANINGFUL INNOVATOR
A genuinely substantial, technology-driven cyber insurance platform with independently disclosed premium scale ($278M GWP) and a large, publicly announced $575M acquisition price — one of the most consequential and well-documented deals in this batch, reflecting real, sustained market validation over nine years as an independent innovator.
Editorial Note: Claims vs. Verified Findings
The $575M acquisition price, $278M gross written premium, and top-10 cyber insurer standing are independently reported by Munich Re's own official press release and Insurance Business magazine; At-Bay is treated here as an independent innovator rather than an incumbent, reflecting its nine years as a technology-first challenger prior to this acquisition.
Sources
Alternatives to At-Bay
Vanta
Continuous automated compliance monitoring platform that replaces manual audit evidence-gathering with live, integration-based control checks.
AuditBoard (rebranded Optro)
Connected-risk platform for audit, SOX, risk, and compliance, recently rebranded from AuditBoard to Optro under an AI-agent-driven repositioning.
Arcova
Cybersecurity advisory and managed services firm, rebranded from MorganFranklin Cyber, offering GRC, IAM, OT security, and a cloud-based…
Level 6 Cyber
CISO ReviewedContinuous decision-intelligence platform (LISN) that replaces point-in-time security audits with a live digital twin of a CISO's program.
Credo AI
AI governance platform that discovers, assesses, and continuously monitors enterprise AI systems and agents against regulations like the…
Drata
Continuous compliance automation platform, Vanta's closest direct competitor, covering SOC 2, ISO 27001/42001, HIPAA, PCI DSS, DORA, and…