Penn-America Group Buys Israeli Insurtech Sayata in Multi-Million Dollar Deal

Penn-America Group Acquires Sayata

US insurance giant Penn-America Group has acquired Sayata, a US-Israeli AI-driven insurance agency focused on small and medium business risk. Sayata was founded by Asaf Lifshitz (CEO), Iddan Golomb, and Avishay Maya. Although the financial terms were not disclosed, market estimates value the deal at tens of millions of dollars, paid in cash and shares.

Sayata’s shareholders include prominent Israeli venture capital funds such as Team8, Pitango Growth, Hanaco Ventures, Vertex Partners, Elron, RDC, and OurCrowd.

Sayata’s Evolution and Business Model

Founded in 2017, Sayata initially supplied data analytics to insurance companies specializing in cybersecurity. The company's goal was to improve underwriting profitability through data insights.

Later, Sayata shifted its approach, becoming an independent insurance agency. It developed an AI-enabled digital marketplace that allows insurers to offer policies for cybersecurity risks targeting small and medium businesses. The company has since expanded its insurance offerings to include professional liability and protection against third-party lawsuits.

Context in the Israeli Insurtech Market

Sayata is the second Israeli insurtech company acquired by a major financial player in 2025. Earlier this year, Munich Re purchased Next Insurance for $2.6 billion. Another Israeli insurtech firm, At Bay, also operates in the US market, providing cybersecurity policies to American companies. Both Next Insurance and At Bay use Sayata’s platform.

The Buyer: Penn-America Insurance

Penn-America Insurance is part of Global Indemnity Group (NYSE: GBLI), a publicly traded company with a market cap of $435.3 million. The group recently announced plans to increase investments in insurance technology.

Sayata marks Penn-America’s third acquisition this year, with further acquisitions planned to integrate with Sayata’s platform. Following the deal, Sayata will no longer operate as an independent unit; its 10 employees will join Penn-America.

Sayata reportedly generates $10 million in annual recurring revenue from agency fees, with total annual revenue estimated between $60 and $70 million, though the company has not confirmed these figures.

In 2022, Sayata raised $35 million in a financing round led by Lior Prosor of Hanaco Ventures and Isaac Hillel of Pitango Growth. Earlier rounds brought in $17 million led by Team8 and Vertex Partners, with participation from Elron and OurCrowd. Since its inception, Sayata has raised a total of $60 million.

CEO Comments on the Deal

Asaf Lifshitz noted that negotiations occurred during a challenging time, including while conducting talks from a protected room amid operations against Iran and intense headlines concerning Israel. He emphasized that despite the conservative nature of US insurance companies, especially those without prior ties to Israel, Penn-America chose to invest and expand its operations in Israel.

For insurance professionals interested in AI integration and technology-driven risk solutions, Sayata’s acquisition highlights growing interest in digital insurance platforms that leverage AI and data analytics to serve SMBs. Those looking to deepen their understanding of AI applications in insurance can explore specialized courses on Complete AI Training.