Hub International and Bold Penguin to acquire Insureon
HUB International in partnership with American Family Insurance subsidiary Bold Penguin have agreed to acquire the assets of Insureon and its affiliates. Pending the closings of two separate transactions, Hub will acquire the Insureon digital insurance agency and brand while Bold Penguin will acquire the Insureon technology platform. Hub will also enter into an enterprise agreement with Bold Penguin to license the Insureon technology platform. Terms of the transactions were not disclosed.
Insureon’s digital agency will enable Hub to more efficiently service its association and affinity group clients. It also expands Hub’s network to develop, offer and distribute a new generation of proprietary insurance products in collaboration with carriers. Bold Penguin will acquire the technology platform and continue to serve Insureon’s enterprise software and SaaS clients.
“Today’s announcement substantially increases the scale and depth of Hub’s digital capabilities. Our unwavering commitment to solving the challenges our clients face is made stronger with tech-enabled solutions that allow us to meet customers where they are and how they want to secure insurance. The addition of Insureon and our partnership with Bold Penguin – leaders in insurtech innovation – not only strengthens our unique market position but accelerates our digital capabilities. The one constant in our ever-changing climate is that customers want choice. We are positioned to deliver omnichannel solutions that will continue to evolve and keep pace with our client’s needs. This is just the beginning.” – Marc Cohen, Hub president and CEO.
“Bold Penguin shares Hub’s passion for innovation and making small commercial insurance easier and more efficient to access. We have a tremendous future together delivering a digitally transformative experience for Hub’s clients and prospects as we leverage Insureon’s innovative solutions to extend the market-leading capabilities of Bold Penguin’s commercial insurance exchange.” – Ben Clarke, chief data officer and co-founder of Bold Penguin.
“From the start, both Hub and Bold Penguin demonstrated their commitment to our vision of creating positive changes in the small commercial marketplace through ecommerce and technology. For more than a decade, Insureon has built the industry leading insurance technology platform for small business. By combining Insureon’s leading technology, Hub’s investment and pulse on customer expectations, and Bold Penguin’s commitment to serving small businesses, we are helping to create the future of the small commercial marketplace.” – Dan Kazan, CEO of Insureon.