Hub International Ltd. is partnering with Bold Penguin Inc. to acquire Insureon Holdings LLC’s assets in an effort by the broker to build out its digital capabilities.
Chicago-based Hub will buy Insureon’s digital insurance agency and brand while Bold Penguin will take control of its technology platform, which allows clients to shop for and manage policies online, according to a statement Tuesday. The broker also agreed to license the platform from Bold Penguin. Terms weren’t disclosed.
“This just further enforces hub’s strength in the small business market segment, where there are more than 30 million small businesses across the United States,” Hub Chief Executive Officer Marc Cohen said in an interview. “This partnership and specifically the acquisition of Insureon is bringing dynamic leadership that is really well-respected.”
