At-Bay has acquired Relay, a provider of technology solutions enabling the digital transformation of commercial insurance placements.
Relay will continue to serve a growing list of brokers and partners as an independent entity, under its own management team.
At the same time, joining At-Bay also enhances Relay’s ability to expand its capabilities and value-added services for its partners.
Founded in 2019, Relay has implemented a dynamic and broker-friendly digital investment solution for several specialist trading lines, with a strong cyber focus.
Over the past six months, annual recurring premiums traded on the Relay platform have increased 7x, with cyberbids increasing 10x over the past year.
Additionally, the addition of the Relay Marketplace will complement At-Bay’s ongoing digital distribution strategy to equip brokers and partners with state-of-the-art technology, which includes a dedicated broker platform and API for s associate with the best technology platforms and digital distribution solutions within the market.
“Brokers are hungry for better service and streamlined workflows from their partners, which technology can transform. Far too often they are held back by outdated processes and systems,” said Rotem Iram, co-founder and CEO of At-Bay.
“Relay has built an innovative digital marketplace, tailored to the needs of brokers. By allowing it to focus all of its efforts on serving brokers and their key partners, we believe it will bring maximum benefits to the ecosystem and create the go-to market for specialist insurance brokers for SMEs.
Greg Boutin, co-founder and CEO of Relay, said, “With their collaborative and innovative approach to resolving business risks, we see At-Bay as spearheading the successful development of a true multi-carrier platform. . We immediately felt a strong bond with their team, with both of our companies having a deep respect for the industry, while driving it fiercely into the future.
Dave Lockton, former Chairman, CEO and President of Lockton Companies, and current At-Bay Board Observer, added, “The industry has been waiting for a sustainable marketplace where brokers and carriers can collaborate on placements in a neutral framework, creating significant efficiencies for all. I believe this market, and the consortium of top insurers and brokers that will serve it, are at the forefront of modernizing specialty insurance.