At-Bay, the San Francisco-based managing general agent, announced the acquisition of Relay, a technology solutions provider that enables the digital transformation of commercial insurance placements.

Financial details of the transaction were not disclosed.

Founded in 2019, Relay has built a broker-friendly and dynamic digital placement solution for multiple specialty commercial lines, with a focus on cyber, according to the Toronto-headquartered company.

Relay will continue to operate as an independent entity, under its own management team.

The addition of the Relay marketplace will complement At-Bay’s ongoing digital distribution strategy to empower brokers and partners with industry-leading technology, which “includes a dedicated broker platform, and an API for partnering with the best technology platforms and digital distribution solutions in the market,” according to At-Bay in a statement.

“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 Far too often, they are held back by outdated processes and systems,” said Rotem Iram, co-founder and CEO of At-Bay.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 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 Cos. and current At-Bay board of director’s 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.”

About At-Bay and Relay

At-Bay’s annual recurring gross written premium 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.

Founded in 2016 with a cyber insurance focus, At-Bay underwrites as an MGA through a Markel Corp. subsidiary, rated “A” by A.M. Best.

Relay equips brokers and agents with a user-friendly interface to easily add specialty lines to their client proposals. They fill a unified application form, use the application to collect quotes instantly or through an enhanced email process, and create proposals automatically. While Relay focuses on cyber insurance, it also supports many other lines such as management liability, reps and warranties, terrorism, and small commercial/BOP. It also serves facultative reinsurance brokers and ceding teams. Relay is active in the U.S. and Canada.