BayPine to Acquire Broker Relation From Aquiline

Private equity firm Aquiline Capital said it has entered into a definitive agreement to sell independent insurance broker Relation to investment firm BayPine.

Chicago-based Relation was ranked No. 24 in Insurance Journal’s Top 100 Independent Property/Casualty Agencies report with about $259 million in property/casualty revenue. It has 90 offices nationwide.

Terms of the deal were not disclosed.

Founded in 2007, Relation provides risk management and benefits consulting services to deliver insurance solutions across commercial P/C, employee benefits, personal lines, private client services, retirement solutions, and wealth management to clients of all sizes across a range on industries such as construction, transportation, agriculture, entertainment, healthcare, manufacturing, hospitality, and real estate.

Since Aquiline’s initial investment in 2019, Relation has completed more than 100 acquisitions, executed a targeted broker recruitment strategy, diversified its product suite, and built differentiated specialty capabilities across several niche industries. Under the leadership of Chief Executive Officer Tim Hall, Relation has become one of the leading independent insurance brokers in the U.S., serving over 230,000 clients and more than 1,000 insurance markets with coast-to-coast coverage.

Boston-based BayPine said Relation’s management team, including Hall, will continue to lead the company.

“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,” said Hall, in a statement. “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.”

Hall added that BayPine’s investment will Relation to continue to complete strategic M&A, recruit talent, and build out its specialty capabilities.

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Mergers & Acquisitions
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