Property/casualty insurance group American Family has announced the acquisition of Bold Penguin, an insurtech firm focused on providing cover to small businesses.
Bold Penguin will become a subsidiary of the American Family Insurance group but will maintain its name and business model.
It’s hoped Bold Penguin will be able to leverage the scale and financial stability of American Family to allow an acceleration of its digital capabilities, while remaining independent in how it operates and expands its exchange.
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.
“We welcome Bold Penguin’s incredibly talented, nimble and customer-driven team,” said Bill Westrate, American Family president and CEO-elect.
“Like American Family, they believe that innovating and collaborating with others is the best way to meet customers’ wide-ranging needs.”
“We are grateful for our tremendous staff and support from all our partners – insurance companies, brokers, agents, advisors and backers. They are the reasons we have been able to accomplish so much in such a short time – and we’re just getting started,” said Bodner.
“Helping streamline the insurance experience for small businesses inspires us, and this transaction will super-charge our growth and service to partners even more, while fueling visionary, long-term work.”