Done Deal: Bold Penguin Is Now a Subsidiary of American Family February 16, 2021
Madison, Wisconsin-based American Family Insurance has closed the deal on acquiring the digital exchange Bold Penguin that serves small businesses.
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.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Commercial insurtech Bold Penguin joins American Family
January 14, 2021 GMT
MADISON, Wis. (BUSINESS WIRE) Jan 14, 2021
Madison, Wisconsin-based American Family Insurance Mutual Holding Company (American Family) today continued its innovative and collaborative approach to serving customers, this time focusing on small businesses with the acquisition of insurtech company Bold Penguin.
Bold Penguin, based in Columbus, Ohio, is a technology company that simplifies and quickens the often complicated and time-consuming process of obtaining small business insurance. 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 to meet customer needs.
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.”