Insurtech Relay and Insurercore partner for hard market placement solution

US-based insurtech Relay, a property and casualty (P&C) quote-bind-issue platform, has formed a new partnership with UK-based insurance networking platform Insurercore to help brokers tackle the hardening insurance markets.

The partnership aims to provide a comprehensive solution to insurance and wholesale brokers looking for capacity, and to insurance companies, managing general agencies (MGAs), and managing general underwriters (MGUs) offering the capacity.

Relay’s North American users will now have access to Insurercore’s UK network and vice-versa. Insurercore’s established presence in the UK and Relay’s in North America will allow both companies to support each other’s expansion in core markets.

“This marks the beginning of a new era in the insurance space, with the first complete, contemporary ‘capacity find and bind’ solution,” said Greg Boutin, chief executive of Relay. “Our insurtech ventures share a similar DNA anchored in offering practical innovative solutions that help brokers connect to capacity faster and remove obstacles to assembling client proposals that close more deals.”

Peter Clarke, managing director at Insurercore, added: “This is an exciting time for Insurercore, but also for the UK commercial insurance market in general. By integrating our current offering with a Lloyd’s approved placement platform, the Relay/Insurercore partnership brings commercial U.S. brokers instant access to the London Market.

“For UK wholesale brokers and carriers, this collaboration fulfills our vision of enabling deal-centric connectivity. Call it networking with a purpose. It’s a win-win-win partnership, and one that we expect to see flourish over years to come.”

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