Relation Insurance Services Enhances Specialty Practice with Key Hires
Relation Insurance Services has significantly enhanced its specialty practice by recruiting five key executives from NFP and Aon's middle-market broking division. These strategic hires will bolster Relation’s expertise in diverse areas including management and financial lines, cyber risk, private equity, and claims advocacy. This initiative aligns with Relation's broader strategic objectives to expand its specialty capabilities.
Matthew Schott joins as the practice leader for management and financial lines, bringing his experience as a managing director at NFP. Kevin Smith assumes the role of senior vice president for management and financial lines, focusing on management, cyber, and professional liability. Courtney Maugé transitions to the senior vice president of cyber risk, after her leadership at NFP's cyber practice. Jonathan Franznick, previously head of claims advocacy at NFP, now takes on the role of senior vice president of claims advocacy. Additionally, Scott Moseley joins as senior vice president of private equity risk, specializing in advising private equity firms on risk management.
These appointments occur during a period of transformation for NFP, following its acquisition by Aon in April 2024 for $13 billion. This acquisition aims to leverage NFP as a distinct platform within Aon’s network, targeting middle-market clients. The integration with Aon presents challenges, particularly in retaining senior professionals who value the independence and direct market access that mid-sized brokers offer.
Challenges and Opportunities in the Specialty Market
The specialty market landscape is marked by competitive pricing, along with growing exposure complexities. A report by Allianz Commercial in 2026 indicates a 27% increase in average D&O settlement costs in the U.S. during the first half of 2025, spurred by high securities class action frequency and emerging risks like AI governance issues and cyber incidents.
In the realm of cyber insurance, a 2026 Ryan Specialty report highlights ongoing carrier competition keeping rates steady, despite a rise in incidents such as social engineering, ransomware, and advanced AI-driven fraud. This underscores the importance of robust risk management strategies, a focus for Maugé and Franznick in their new roles.
Private equity risk management is also becoming more complex, with global bankruptcies projected to increase by 5% in 2026. The surge in U.S. mega-bankruptcies, particularly in automotive, construction, and retail sectors, heightens D&O claims related to fiduciary negligence and inaccurate disclosures.
Douglas Turk, president of specialty at Relation, stated, "Matt, Kevin, Courtney, Jonathan, and Scott are highly skilled experts with strong reputations. Their joining enhances our key specialty areas and underscores our aim to establish a premier specialty platform." Amid ownership changes, BayPine is acquiring Relation from Aquiline Capital Partners, which supported various initiatives since 2019. With over 230,000 clients and more than 100 offices, Relation is recognized among the top 25 largest U.S. agencies by revenue. Turk, with over 20 years of brokerage leadership experience, joined the specialty practice leadership in November 2025.