Madison, Wisconsin-based American Family Insurance has closed the deal on acquiring digital exchange Bold Penguin, a startup designed to simplify the process of obtaining small business insurance.
The Bold Penguin technology is used by insurance agents, brokers and other distributors to match, quote and bind policies from a range of insurers. Bold Penguin reduces the complexity of small business insurance buying.
Bold Penguin, based in Columbus, Ohio, is now a subsidiary of the American Family Insurance group.
Financial details of the transaction were not disclosed.
Bold Penguin will maintain its name and business model. Bold Penguin employees, including founder and CEO Ilya Bodner and co-founder and Chief Data Officer Ben Clarke, are remaining with the company, according to the announcement.
“We’ve rapidly grown from a startup to the top exchange for small commercial insurance in the U.S., and we’re just getting started,” said Bodner. “With American Family’s backing, we’re committed to digital solutions that replace complexity with simplicity, enabling connections that help businesses safeguard their success and survival.”
“Bold Penguin is a game-changer for American Family agency owners and the small businesses that turn to them for trusted advice and support,” said Bill Westrate, American Family CEO-elect. “It gives agency owners direct access to a broader set of insurance options to serve more types of small companies, and with increased effectiveness, efficiency and convenience for agencies and their customers.”
Source: American Family
*This story ran previously in our sister publication Insurance Journal.