American Family Insurance's holding company has acquired the small-commercial insurance distribution insurtech Bold Penguin, it announced.
Bold Penguin will become a subsidiary of American Family once the deal closes. Terms were not disclosed. Employees including Bold Penguin founder Ilya Bodner will remain with the company.
Bill Westrate, American Family president and CEO-elect, said that the goal of the acquisition is to grow the company's commercial insurance segment, which focuses on the small- and mid-sized business and rental property owners that Bold Penguin's exchange also targets. The platform will continue to offer quotes from multiple insurers, and AmFam will continue to support its agents.
“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,” adds Bold Penguin's 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.”
Simpson Thacher & Bartlett LLP served as legal advisor for American Family on the transaction. FT Partners served as financial advisor for Bold Penguin.
