Bold Penguin, a commercial insurance technology provider in Columbus, Ohio, said it has completed a $32 million Series B funding round, bringing the total capital it has raised to more than $50 million since it started in 2016.
The participation included growth equity firms Hudson Structured Capital Management, Lightstone, Guggenheim Insurance, Lockton, existing investors and individuals from Stone Point Capital.
The company said the additional capital will be spent on engineering and platform enhancements, including adding more flexibility for enterprise customers, expanding in excess and surplus lines, and facilitating admitted carrier integrations.
“The commercial insurance space is a fantastic area of insurance that welcomes an upgrade,” said Ilya Bodner, founder and CEO of Bold Penguin. “Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company.”
Bold Penguin offers supporting infrastructure for commercial insurers and agencies. It allows for the quoting and binding of commercial insurance to happen in hours or minutes versus the traditional methods which sometimes take weeks.
It has recently been ramping up its opened agency technology, the Agent Terminal, in cooperation with key carriers including Nationwide, Hiscox and CNA, and with Attune, a managing general agency. Previously, the Agent Terminal had only been open to the top 100 commercial lines brokers.
The Agent Terminal gives agencies a tool to write commercial insurance quickly, accurately and more profitably, according to the company.
The option is now available in all 50 states across most business categories for coverage types including general liability, workers compensation, professional liability, business owner’s policy (BOP) and bonds. As a result of the wider adoption, the company said it has doubled its size over the past year and now handles more that 950,000 small to midsize commercial quotes.
Source: Bold Penguin
*This story appeared previously in our sister publication Insurance Journal.