At-Bay buys InsurTech Relay to boost digital transformation
At-Bay, which stylises itself as the insurance provider for the digital age, hopes to boost digital transformation after its acquisition of Relay, a developer of digital transformation technology for commercial insurance.
Following the close of the deal, Relay will continue to serve a growing list of brokers as an independent entity, under its own management team.
Relay believes that by joining At-Bay it will be able to expand its capabilities and value-added services for its partners. Relay co-founder and CEO Greg Boutinnsaid, “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.”
With the addition of Relay’s marketplace, At-Bay hopes this will bolster its digital distribution strategy and 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.
Speaking on its acquisition, 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 Far too often, they are held back by outdated processes and systems.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 specialty insurance.”
Founded in 2019, Relay offers a broker-friendly and dynamic digital placement solution for multiple specialty commercial lines, with a focus on cyber. Over the past six months, annual recurring premiums transacted on the Relay platform grew seven-times.
At-Bay is a cyber insurance platform that offers policies with up to $10m in limits to businesses and up to $5m in revenue for primary and excess products. Its annual recurring gross written premium surpassed $360 million in 2022.
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