Aquiline said on 18 February it had agreed to sell Relation Insurance Services, a Chicago-based independent insurance broker, to Boston private equity firm BayPine. Terms were not disclosed.
Why BayPine is buying Relation Insurance Services
Relation chief executive Tim Hall said the company had invested heavily in integrating its platform and building systems to scale, and that BayPine's investment would let it accelerate growth, invest in technology and talent and build out specialty capabilities. BayPine focuses on digital transformation in essential services businesses.
Deal terms and financing
Financial terms were not disclosed. Relation's management, led by Hall, continues to run the business.
Regulatory approvals and timing
The deal was subject to customary conditions. Insurance Business reported in July 2026 that Relation was continuing to make acquisitions under new owner BayPine.
Market context
Founded in 2007, Relation offers commercial property and casualty, employee benefits, personal lines, private client, retirement and wealth services across more than 90 offices. Insurance brokerage remains one of the most active areas for private equity roll-ups and secondary buyouts.
