Madison, Wisconsin-based American Family Insurance is acquiring insurtech company Bold Penguin that serves small businesses. Bold Penguin's digital exchange is used by insurance agents, brokers and other distributors to match, quote and bind policies from a range of insurers. Financial details of the transaction were not disclosed.
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. Bill Westrate, American Family president and CEO-elect, welcomed Bold Penguin founders and employees: “Like American Family, they believe that innovating and collaborating with others is the best way to meet customers’ wide-ranging needs.” Fabian Fondriest, president of the American Family Direct companies that sell products online and through partners, said Bold Penguin will have the “autonomy and support to fulfill its important roles with small businesses and partners.”