Private investment firm BayPine has entered into a definitive agreement to acquire U.S. independent insurance brokerage Relation Insurance Services from Aquiline Capital Partners LP in an undisclosed transaction.
According to the announcement, Relation’s management team, including CEO Tim Hall, will continue to lead the company.
BayPine’s investment aims to accelerate Relation’s adoption of artificial intelligence (AI) and data-driven insights to enhance risk management and accelerate customer response times.
Tim Hall, CEO of Relation, said: “When customers face a complex and rapidly changing risk landscape, they look to insurance partners to provide on-demand information access, specialized industry expertise and data-driven insights.
“BayPine’s proven experience in driving digital transformation makes them an ideal partner at this important moment in our evolution. This partnership will accelerate our adoption of artificial intelligence and other cutting-edge technology solutions, improve our ability to provide faster response times and greater value-added services to our customers, and enter new markets.”
Founded in 2007, Relation is considered one of the largest independent insurance brokers in the United States, specializing in risk management and benefits consulting services nationwide.
Relation leverages established carrier relationships to provide comprehensive insurance solutions covering commercial property and casualty (P&C), employee benefits, personal lines, private client services, retirement solutions and wealth management.
With more than 90 offices nationwide and a Chicago headquarters, Relation serves more than 230,000 clients and operates in more than 1,000 insurance markets.
The company provides expertise and tailor-made solutions to clients of all sizes in diverse industries including construction, transportation, agriculture, entertainment, healthcare, manufacturing, hospitality and real estate.
BayPine partner Will Tetler said: “Relation represents exactly the type of business BayPine seeks to partner with, a market-leading platform with clear opportunities to drive innovation and accelerate growth both organically and strategically.
“We are excited to support Tim and his team as they create the next generation of insurance brokerage companies, leveraging advanced technology while retaining a strong and enduring people-centered culture.”
BayPine Managing Director Michael Thomas added: “The insurance industry is evolving rapidly, creating numerous opportunities for differentiation, and digital enablement is a key driver of competitive advantage. Relation has built an exceptional platform for scale, combining comprehensive insurance capabilities, unique industry expertise and a differentiated customer-centric experience. The company has a solid foundation and is well-positioned to continue investing in people and technology infrastructure.”
Hall concluded: “Our team’s commitment to understanding each customer’s unique needs and delivering personalized solutions is fundamental to our success. We have made significant investments in integrating our platforms and building the systems needed to scale, and now we are ready to accelerate our growth trajectory.”
“BayPine’s investment will allow us to continue to complete strategic acquisitions, recruit significant talent and strengthen our professional capabilities. Additionally, I am grateful to Aquiline and grateful for their support, which has been instrumental in Relation’s growth and success.”
Kirkland & Ellis LLP served as legal counsel to BayPine. Piper Sandler & Co. and Perella Weinberg served as financial advisors to Aquiline and Relation. Willkie Farr & Gallagher LLP acted as legal counsel to Aquiline and Relation. Jamieson Corporate Finance acted as relationship management consultants.
