US insurance giant Penn-America Group has announced the acquisition of US-Israeli AI small and medium business risk insurance agency Sayata, founded by entrepreneurs Asaf Lifshitz (CEO), Iddan Golomb and Avishay Maya. No financial details were disclosed but market sources estimate that the deal is worth tens of millions of dollars in cash and shares.
Sayata’s shareholders include a range of Israel’s outstanding venture capital funds including Team8, Pitango Growth, Hanaco Ventures, Vertex Partners, Elron, RDC and OurCrowd.
Sayata was founded in 2017 with the aim of improving the profitability of insurance underwriters through data. Initially the company operated as a supplier of data analytics for insurance companies in the field of cybersecurity but subsequently pivoted by changing its business model and becoming an independent insurance agency. Sayata set up an AI-enabled digital distribution marketplace allowing insurance companies to market policies for insurance agencies in cybersecurity for small and medium businesses. Subsequently, the company expanded beyond cybersecurity insurance, to additional areas like professional liability and protection against third party suits.
Sayata is the second Israeli insurtech company to be sold to a financial giant in 2025. Earlier this year Munich Re acquired Next Insurance for $2.6 billion. Another Israeli insurtech company At Bay, which operates in the US, provides cybersecurity policies to US companies. Next and At-Bay are among many insurance companies that operate on Sayata’s platform
The buyer: Penn-America Insurance
The buyer is Penn-America Insurance, whose parent company Global Indemnity Group (NYSE: GBLI), is traded on the New York Stock Exchange with a market cap of $435.3 million. The company recently announced plans to invest in insurance technology.
Sayata is the third company it has acquired this year and it still plans to buy more companies, which could be integrated with Sayata. The Israeli company will no longer be an independent business unit and all 10 employees will join the buyer. Sayata produces annual recurring revenue (ARR) of $10 million from agency fees and overall annual revenue is an estimated $60-70 million, although the company declined to confirm these figures.
In its most recent financing round in 2022, Sayata raised $35 million led by Lior Prosor from Hanaco Ventures and Isaac Hillel from Pitango Growth. Previously the company had raised $17 million led by Team8 and Vertex Partners. In these rounds previous investors like Elron and OurCrowd also participated. The company has raised $60 million since its inception.
Lifshitz said, “The deal was completed in a difficult period. We have been conducting negotiations in recent months, with part of it being conducted from our protected room during the operation against Iran, and while shocking headlines are being published about Israel.”
He added, “A time like this does not make it easy for US companies, especially if they are conservative, like in the insurance sector, and without any connection to Israel. And yet, their choice was to buy a company here and expand its activities here.”
Published by Globes, Israel business news – en.globes.co.il – on September 3, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
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