American cyber insurance provider At-Bay has announced the acquisition of Relay, which provides technology solutions to aid in commercial insurance placements.
The financial value of the deal was not disclosed.
The acquisition of Relay is expected to complement At-Bay’s digital distribution strategy to provide technological support to brokers and partners.
Relay, which was established in 2019, provides a digital placement solution for a variety of commercial lines, with a focus on cyber.
As per the terms of the agreement, Relay will continue to operate independently under its existing management team.
At-Bay co-founder and CEO Rotem Iram said: “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 Far too often, they are held back by outdated processes and systems.
“Relay has built an innovative digital marketplace, tailored to the needs of brokers. By enabling it to focus all its efforts on serving brokers and their key partners, we believe it will deliver maximum benefit to the ecosystem and create the go-to marketplace for brokers in SMB speciality insurance.”
Relay co-founder and CEO Greg Boutin said: “Thanks to their collaborative and innovative approach to solving business risk, we see At-Bay as spearheading the successful development of a true multi-carrier platform.
“We immediately felt a strong connection with their team, with both of our companies holding a deep respect for the industry, while fiercely driving it into the future.”
Earlier this year, At-Bay launched a cyber insurance programme with backing from speciality insurers and its captive reinsurer.
At-Bay, which has raised $292m from investors, is said to have recorded an annual recurring gross written premium (ARGWP) of $360m this year.