At-Bay acquires specialty insurance digital distribution marketplace Relay; the multicarrier platform will remain an independent entity going forward.
SAN FRANCISCO AND TORONTO — August 22, 2022 — At-Bay, the insurance provider for the digital age, today announced the acquisition of Relay, a technology solutions provider 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. Joining At-Bay enhances Relay’s ability to expand its capabilities and value-added services for its partners.
“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 Far too often, they are held back by outdated processes and systems,” said Rotem Iram, co-founder and CEO of At-Bay.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 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.”
The addition of the Relay marketplace will complement At-Bay’s ongoing digital distribution strategy to empower brokers and partners with industry-leading technology. This includes a dedicated broker platform, and an API for partnering with the best technology platforms and digital distribution solutions in the market.
“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,” said Greg Boutin, co-founder and CEO of Relay. “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.”
Founded in 2019, Relay has built a broker-friendly and dynamic digital placement solution for multiple specialty commercial lines, with a focus on cyber. Annual recurring premiums transacted on the Relay platform grew 7x over the past six months, with cyber submissions growing 10x in the past year.
“The industry has been waiting for a sustainable marketplace where brokers and carriers can collaborate on placements in a neutral setting, creating significant efficiencies for everyone,” said Dave Lockton, former President, CEO and Chairman of Lockton Companies, and At-Bay board of directors observer. “I believe this marketplace, and the consortium of top carriers and brokers who will serve it, are at the vanguard of modernizing specialty insurance.”
At-Bay’s annual recurring gross written premium (ARGWP) surpassed $360 million in 2022, and the company has raised $292 million from investors including Lightspeed Venture Partners, Khosla Ventures, M12, Acrew Capital, Icon Ventures, ION Crossover Partners, Qumra Capital, the HSB fund of Munich Re Ventures, and entrepreneur Shlomo Kramer.