Madison-based American Family Insurance will acquire Ohio-based Bold Penguin, an insurance technology company focused on small businesses, the companies announced Thursday.
Terms of the deal, which is pending regulatory approval, were not disclosed.
Bold Penguin will retain its name and business model and will become a subsidiary of American Family.
The company’s technology is used by insurance agents and brokers to match, quote and bind policies from a range of insurers, helping to simplify and quicken the process of getting small business insurance.
“Bold Penguin reduces the complexity of small business insurance for customers, for us and our industry,” said Bill Westrate, president and chief executive officer-elect of American Family. “It enables insurers to reach more business owners with protection they need to safeguard their livelihoods and pursue their dreams to serve and employ people in their communities.”
Started in 2016, Bold Penguin had raised more than $50 million in investment after its series B round, including funding from American Family Ventures, the venture capital arm of American Family.
Other investors included Hudson Structured Capital Management, Lightstone, Guggenheim Insurance and Lockton.
Ilya Bodner, founder and CEO of Bold Penguin, Ben Clarke, co-founder and chief data officer, and other leaders and employees will be staying with the company, according to Thursday’s announcement.
“We remain committed to our partners and their individually unique use of our platform,” said Clarke. “Our teams, capabilities, security, reliability and approach to handling every organization leveraging our solution with utmost regard is something we are proud to maintain.”
The deal is another piece in American Family’s transition to a national, multi-line insurer. Since 2012, the company has acquired The General, Homesite Group, and Ameriprise Auto and Home and merged with Main Street America Insurance.
“We know what it takes when adding a company that brings new talents and perspective to our enterprise,” Westrate said. “It begins with respecting and learning from that company’s success, and then building on it. And, that’s what we will do with Bold Penguin.”