What's happening
Munich Re's $575 million deal to acquire cyber insurtech At-Bay is the story of the day, confirmed across multiple outlets and marking one of the sector's largest cyber-focused acquisitions. It lands alongside a broader wave of consolidation: Willis Re buying BMS Re to expand in the US, Insurance Office of America picking up All Risk Insurance Group, and continued MGA dealmaking. Separately, reinsurance brokers are building out AI-specific units, with Gallagher Re launching a digital risk practice aimed at how AI is reshaping risk accumulation.
Why it matters
A $575 million price tag for At-Bay signals that large carriers now see standalone cyber insurtechs as strategic assets worth buying outright rather than partnering with, which could accelerate similar bolt-on deals across the specialty and cyber space. Watch whether reinsurers' new AI-focused units, like Gallagher Re's, start reshaping how accumulation risk gets priced and reinsured industry-wide.