American Family acquires Bold Penguin

The holding company of American Family Insurance has acquired insurtech Bold Penguin, a small business insurance distribution company, it said.

Bold Penguin will become a subsidiary of American Family once the deal is done. The terms were not disclosed. Employees, including Bold Penguin founder Ilya Bodner, will remain with the company.

Bill Westrate, president and CEO-elect of American Family, said the goal of the acquisition is to grow the company’s commercial insurance segment, which focuses on small and medium-sized businesses and business owners. rental properties that the Bold Penguin exchange is targeting as well. The platform will continue to offer quotes from multiple insurers and AmFam will continue to support its agents.

“We are grateful for our wonderful staff and the support of all of our partners – insurance companies, brokers, agents, advisors and lenders. These are the reasons we’ve been able to accomplish so much in such a short time – and we’re just getting started, ”adds Bodner of Bold Penguin. “Helping streamline the insurance experience for small businesses inspires us, and this transaction will further boost our growth and service to partners, while fueling long-term visionary work. “

Simpson Thacher & Bartlett LLP served as legal counsel to American Family on the transaction. FT Partners served as financial advisor to Bold Penguin.

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