American Family to acquire Bold Penguin
American Family Insurance announced that it’s acquiring its portfolio company Bold Penguin , a commercial insurance rater and lead-exchange platform.
Founded in 2016, Bold Penguin has raised over $50 million. Its latest Series B round for an undisclosed amount was reported last year and saw participation from American Family Ventures. Bold Penguin will become a subsidiary of American Family, pending regulatory approval and closing. Financial details of the transaction are not being disclosed. Bold Penguin will maintain its name and business model.
“We welcome Bold Penguin’s incredibly talented, nimble and customer-driven team. Like American Family, they believe that innovating and collaborating with others is the best way to meet customers’ wide-ranging needs. Ultimately, this is about small business customers and their communities. We recognize the importance of small businesses and we want to do our part to support them. Bold Penguin reduces the complexity of small business insurance for customers, for us and our industry. It enables insurers to reach more business owners with protection they need to safeguard their livelihoods and pursue their dreams to serve and employ people in their communities.” – Bill Westrate, American Family president and CEO-elect.
“Bold Penguin shares our commitment to strong relationships built on the principles of exceptional service, integrity and value. As another member of our family, Bold Penguin will have the autonomy and support to fulfill its important roles with small businesses and partners.” – Fabian Fondriest, president of the American Family Direct companies that sell products online and through partners.
Bottom Line: It stays in the family.