German insurance giant Munich Re agrees to acquire cyber insurance provider At-Bay for $575M; At-Bay has raised $276M and was last valued at $1.35B in 2021 (Meir Orbach/CTech)

Munich Re will purchase cyber-insurance specialist At-Bay for $575 million, paying cash for a company that has raised $276 million in funding and was last valued at $1.35 billion in 2021. The acquisition expands Munich Re’s digital risk portfolio and gives it direct access to At-Bay’s AI-driven underwriting platform.