American Family Insurance to Acquire Small Business Insurtech Bold Penguin
Madison, Wisconsin-based American Family Insurance is acquiring insurtech company Bold Penguin that serves small businesses.
The Bold Penguin digital exchange 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.
The insurtech, based in Columbus, Ohio, will become a subsidiary of the American Family Insurance group, pending regulatory approval and closing.
Financial details of the transaction were not disclosed.
The announcement said that Bold Penguin will maintain its name and business model, “operating with a relentless commitment to neutrality and confidentiality with its insurer, broker and agent customers.”