Aquiline Capital Partners has agreed to sell US broker Relation Insurance Services to private investment firm BayPine, marking another exit in Aquiline’s insurance distribution and risk strategy. The firms announced that they have entered into a definitive agreement for the transaction.
Chicago-based Relation is one of the largest independent insurance brokerages in the United States, providing risk management and employee benefits consulting nationwide.
Founded in 2007, the company operates more than 90 offices and employs roughly 1,400 people. It serves over 230,000 clients across commercial property and casualty, employee benefits, personal lines, private client services, retirement solutions, and wealth management. Under CEO Tim Hall, Relation has grown to work with more than 1,000 insurance markets nationwide.
Since Aquiline’s initial investment in 2019, Relation has completed more than 100 acquisitions and expanded its specialty capabilities across sectors, including construction, transportation, agriculture, healthcare, manufacturing, hospitality, entertainment, and real estate. The company also pursued a targeted broker-recruitment strategy and broadened its product offering, while focusing on integration and customer experience, the firms said.
“We are very excited to see Relation enter this next chapter of growth,” said Thomas Lynch, principal at Aquiline. He said the firm invested heavily in talent, infrastructure, and technology to position the broker for continued expansion, adding that BayPine is “an excellent partner” for the company’s future.
Hall said BayPine’s investment is expected to support continued mergers and acquisitions, talent recruitment, and development of specialty capabilities. He also credited Aquiline’s backing as instrumental in Relation’s growth.
BayPine, headquartered in Boston with an office in New York, focuses on driving digital transformation and operational growth in essential services businesses.
Aquiline, which specializes in financial services and technology investments, reported approximately $12 billion in assets under management as of the end of 2025.
Piper Sandler and Perella Weinberg acted as financial advisors to Aquiline and Relation. Willkie Farr & Gallagher served as legal advisor. Jamieson Corporate Finance advised Relation management, while Kirkland & Ellis advised BayPine.
