BayPine, a private investment firm, has entered into a definitive agreement to acquire Relation Insurance Services, a US independent insurance broker, from Aquiline Capital Partners LP in an undisclosed transaction.
According to the announcement, Relation’s management team, including Chief Executive Officer Tim Hall, will continue to lead the company.
BayPine’s investment is designed to accelerate Relation’s adoption of artificial intelligence (AI) and data-driven insights to sharpen risk management and speed up client response times.
Tim Hall, Relation’s CEO, stated: “As clients face a complex and fast-moving risk landscape, they look to their insurance partners to provide on-demand information access, specialized industry expertise, and data-driven insights.
“BayPine’s proven experience driving digital transformation makes them the ideal partner at this important point in our evolution. This partnership will accelerate our application of AI and other cutting-edge technology solutions, ability to serve clients with faster response times and even greater value-added service offerings, and entry into new markets.”
Relation, considered one of the largest independent insurance brokers in the US, was founded in 2007 and specialises in providing risk management and benefits consulting services nationwide.
Leveraging established carrier relationships, Relation provides comprehensive insurance solutions across commercial Property & Casualty (P&C), employee benefits, personal lines, private client services, retirement solutions, and wealth management.
With over 90 offices across the country and a Chicago headquarters, Relation serves more than 230,000 clients and engages with over 1,000 insurance markets.
The company delivers specialised expertise and tailored solutions to clients of all sizes across a diverse array of industries, such as construction, transportation, agriculture, entertainment, healthcare, manufacturing, hospitality, and real estate.
Will Tetler, Partner at BayPine, said: “Relation represents precisely the type of business with which BayPine seeks to partner – a market-leading platform with clear opportunities to drive innovation and accelerate growth both organically and through strategic M&A.
“We are excited to support Tim and his team as they create a next-generation insurance brokerage that leverages advanced technology while preserving a strong and enduring people-first culture.”
Michael Thomas, Managing Director at BayPine, added: “The insurance industry is evolving rapidly, creating substantial opportunities for differentiation, with digital enablement serving as a key driver of competitive advantage. Relation has built an exceptional, scaled platform that combines comprehensive insurance capabilities, distinct sector expertise, and a differentiated client-centric experience. The Company has a strong foundation and is well-positioned for continued investment in both people and technology infrastructure.”
Hall concluded, “Our team’s dedication to understanding each client’s unique needs and delivering personalized solutions has been the foundation of our success. We have made significant investments in integrating our platform and building the systems necessary to scale, and we are now poised to accelerate our growth trajectory.
“BayPine’s investment will allow us to continue to complete strategic M&A, recruit tremendous talent, and build out our specialty capabilities. Further, I am grateful to Aquiline and thank them for their support, which has been instrumental in Relation’s growth and success.”
Kirkland & Ellis LLP is serving as legal counsel to BayPine. Piper Sandler & Co. and Perella Weinberg are serving as financial advisors to Aquiline and Relation. Willkie Farr & Gallagher LLP is serving as legal advisor to Aquiline and Relation. Jamieson Corporate Finance is serving as advisor to Relation management.
