Bold Penguin, a U.S.-based commercial insurtech firm, recently announced it has been acquired by American Family Insurance Mutual Holding Company.
As previously reported, Bold Penguin claims it launched a “high efficient” exchange that enhances the connection between customers, agents, and carriers while reducing friction in the insurance buying process.
“Integrating technology with the human touch, the exchange is powered by a recommendation engine that’s always learning, utilizing data to predict the optimum placement of insurance risks. Tens of thousands of policies are processed through their platform each month. Bold Penguin partners with top brokers and insurers to make underwriting small commercial simpler, faster, and more profitable.”
Through the acquisition, Bold Penguin will become a subsidiary of the American Family Insurance group, pending regulatory approval and closing. Bill Westrate, American Family President and CEO-Elect, spoke about the partnership by stating:
“We welcome Bold Penguin’s incredibly talented, nimble and customer-driven team. Like American Family, they believe that innovating and collaborating with others is the best way to meet customers’ wide-ranging needs.”
Ilya Bodner, Bold Penguin Founder and CEO, Ben Clarke, Co-Founder, and Chief Data Officer, as well as other leaders and employees will remain with the company. Financial details of the transaction are not being disclosed.