• At-Bay, a cyber insurance startup, has announced the acquisition of the specialty insurance digital distribution startup Relay for an undisclosed amount.

• Founded in 2019, Relay provides a platform for brokers and agents to add multiple specialty commercial lines (cyber insurance, management liability, representations and warranties, terrorism, and small commercial or business owner policies) to their quotes. The company’s annual recurring premiums grew 7x over the past six months and cyber submissions grew 10x in 2021. The company currently has 50 employees and operates across the US, UK, and Canada.

• The acquisition will complement At-Bay’s digital distribution strategy to provide technological support to brokers and partners with a dedicated broker platform and an API to partner with other technology platforms and digital distribution solutions. Relay will continue to operate independently with its own management team.

• At-Bay recorded an annual recurring gross written premium for over USD 360 million in 2022.

<ul><li> Analyst QuickTake: The acquisition follows At-Bay’s Series D extension in October 2021, which brought its total funding to USD 292 million and valued the company at USD 1.35 billion. The company aimed to use the funds to launch new products, grow its team and expand into new markets.</ul>