BayPine LP has entered into a definitive agreement to acquire Relation Insurance Services from Aquiline Capital Partners LP, marking a significant move in the evolving insurance brokerage landscape. While financial terms were not disclosed, the transaction underscores BayPine’s strategy of investing in essential services businesses where digital transformation can unlock long-term growth. Relation’s leadership team, including CEO Tim Hall, will remain in place to guide the company through its next phase.
Founded in 2007, Relation has grown into one of the largest independent insurance brokers in the United States. Headquartered in Chicago, the company operates more than 90 offices nationwide and serves over 230,000 clients, working with more than 1,000 insurance markets across the country. Its services span commercial property and casualty insurance, employee benefits, personal lines, private client services, retirement solutions, and wealth management. Over the years, Relation has built specialized expertise across industries such as construction, transportation, agriculture, entertainment, healthcare, manufacturing, hospitality, and real estate.
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As risk landscapes grow more complex and dynamic, clients increasingly expect their insurance advisors to deliver not only coverage but also real-time insights and data-driven guidance. Tim Hall noted that BayPine’s track record in driving digital transformation makes it a strong strategic partner at this stage of Relation’s evolution. He emphasized that the partnership is expected to accelerate the company’s use of AI and advanced technology, enhance responsiveness, expand value-added services, and support entry into new markets.
For BayPine, Relation represents a platform with both scale and opportunity. Partner Will Tetler described the brokerage as precisely the type of market-leading business BayPine seeks to support—one with a solid foundation and clear avenues for innovation and expansion, both organically and through strategic mergers and acquisitions. The focus, he suggested, will be on building a next-generation insurance brokerage that integrates advanced technology while maintaining a people-first culture.
Michael Thomas, Managing Director at BayPine, highlighted how digital enablement is becoming a key differentiator within the insurance industry. As competition intensifies, firms that successfully integrate technology into client service, analytics, and operations are better positioned to stand out. He pointed to Relation’s established platform, sector expertise, and client-centric approach as strong foundations for continued investment in both talent and technology infrastructure.
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Hall also acknowledged the role of Aquiline Capital Partners in Relation’s development. He credited the firm’s support as instrumental in helping the company integrate its platform, strengthen its systems, and scale nationally. With BayPine’s backing, Relation aims to continue pursuing strategic acquisitions, attract top talent, and deepen its specialty capabilities, all while enhancing its digital capabilities.
The transaction involves several advisory firms. Kirkland & Ellis LLP is serving as legal counsel to BayPine. Piper Sandler & Co. and Perella Weinberg are acting as financial advisors to Aquiline and Relation, while Willkie Farr & Gallagher LLP is serving as legal advisor to Aquiline and Relation. Jamieson Corporate Finance is advising Relation’s management team.
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Overall, the acquisition reflects a broader trend within the insurance brokerage sector, where private investment firms are betting on technology-driven transformation as a pathway to scale and differentiation. By combining BayPine’s digital expertise with Relation’s established national platform, the partnership aims to position the company for accelerated growth in an increasingly competitive and tech-enabled market.
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