Israeli cyber insurance company At-Bay today announced the acquisition of Canadian company Relay, which specializes in helping insurance brokers and agents add cyber insurance to all their quotes. No financial details were disclosed but the acquisition was believed to be for shares and cash.
Relay, which founded in 2019 has raised $8 million and has 50 employees, will continue to serve brokers and partners as an independent entity, under its own management team, while joining At-Bay will enhance its ability to expand its capabilities and value-added services for its partners.
At-Bay was founded in 2016 by CEO Rotem Iram, CRO Roman Itskovich, Etai Hochman, and Tilli Kalisky-Bannett. The last two no longer have executive roles in the company. At-Bay’s annual recurring gross written premiums (ARGWP) 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 Shlomo Kramer.
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 Far too often, they are held back by outdated processes and systems.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."
The addition of the Relay marketplace will complement At-Bay’s ongoing digital distribution strategy to enable 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.
Relay cofounder and CEO Greg Boutin said, "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."
Founded in 2019, Relay has built a broker-friendly and dynamic digital placement solution for multiple specialty commercial lines, with a focus on cyber. Annual recurring premiums transacted on the Relay platform grew 7x over the past six months, with cyber submissions growing 10x in the past year.
Published by Globes, Israel business news - en.globes.co.il - on August 22, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.