Aquiline Capital Partners has agreed to sell Relation Insurance Services, a major independent insurance brokerage in the United States, to private investment firm BayPine. The two companies confirmed they have signed a definitive agreement to complete the deal.
Based in Chicago, Relation offers risk management and employee benefits consulting across the country. Founded in 2007, the company now operates more than 90 offices and employs about 1,400 people. It serves over 230,000 clients in areas such as commercial property and casualty, employee benefits, personal lines, and wealth management. Under CEO Tim Hall, the brokerage has expanded its network to work with over 1,000 insurance markets nationwide.
Since Aquiline invested in Relation in 2019, the company has grown by making more than 100 acquisitions. It has also boosted its expertise in industries like construction, transportation, agriculture, healthcare, hospitality, and real estate. The company focused on recruiting skilled brokers, improving customer experience, and adding more product offerings.
Thomas Lynch, a principal at Aquiline, said the firm invested heavily in talent, technology, and infrastructure to support Relation’s growth. He expressed confidence that BayPine will be a strong partner to guide the company into its next phase.
BayPine, which is headquartered in Boston with an office in New York, specializes in helping essential services companies improve through digital upgrades and operational growth. CEO Tim Hall believes BayPine’s backing will help Relation continue its acquisition strategy, attract new talent, and develop specialized services.
On its end, Aquiline manages around $12 billion in assets, focusing mainly on financial services and technology investments.
Several firms assisted in the deal: Piper Sandler and Perella Weinberg were financial advisors to Aquiline and Relation. Legal support came from Willkie Farr & Gallagher. Relation’s management received advice from Jamieson Corporate Finance, while Kirkland & Ellis represented BayPine.
This sale marks the latest move in Aquiline’s strategy to exit its investment in insurance distribution and risk management, while BayPine looks to grow its footprint in this sector.