Relay was founded in 2018 following a collaboration between American Family Insurance and venture studio Highline Beta. Initially targeting the reinsurance space with a risk placement offering, the startup went on to offer a digital placement solution for multiple specialty lines, with a focus on cyber insurance. Over its course, Relay raised $25 million.
At-Bay acquired Relay in August 2022. Last September, it was reported that Relay’s future was in doubt and that At-Bay was looking for prospective buyers. Around 25 employees will be impacted by the shutdown.
At-Bay released the following statement alongside the news:
“We have made the difficult decision to close our independent subsidiary, Relay, effective August 6th. This decision reflects our commitment to strategically focus on our core insurance and cybersecurity business. The launch of At-Bay Stance MDR earlier this year has been extremely successful, and we have close to 10,000 customers actively using our Stance platform. This is At-Bay doubling down on our mission to combine insurance and security together – with InsurSec – and close the cybersecurity risk gap for mid-market and small businesses.
We are thankful for the contributions made by Relay’s dedicated team under Aaron Davidson’s leadership – the technology they have developed is truly world-class. We are committed to working closely with them to provide assistance, including severance packages and outplacement services, to help ease their transition to new opportunities. We will also work to ensure a smooth wind-down process to fulfil obligations to customers, partners, and other stakeholders of Relay.”
