At-Bay to acquire cyber insurance marketplace Relay
Cyber insurance provider At-Bay is to acquire Relay, a Toronto-based technology solutions provider which it says is “enabling the digital transformation” of commercial insurance placements.
Founded in 2019, Relay has built a broker-friendly digital placement solution for multiple specialty commercial lines, with a focus on cyber. In the past six months, it has grown the amount of annual recurring premiums transacted on its platform by a factor of seven, with cyber submission growing tenfold in the past year.
By joining At-Bay – a company whose own annual recurring gross written premiums surpassed US$360mn in 2022 – Relay will be able to realise expanded capabilities and greater value add for its partners. The firm will continue to operate as an independent entity led by its existing management team, including Co-founder and CEO Greg Boutin.
Relay ‘complements At-Bay’s digital distribution strategy’
At-Bay says that the acquisition of Relay will “complement At-Bay’s ongoing digital distribution strategy to empower brokers and partners with industry-leading technology”.
Rotem Iram, Co-founder and CEO of At-Bay, elaborates: “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 Far too often, they are held back by outdated processes and systems.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 specialty insurance.”
Greg Boutin, Co-founder and CEO of Relay, adds: “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.”