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American Family buys insurtech Bold Penguin


American Family Insurance Mutual Holding Co. has acquired online insurance exchange and technology company Bold Penguin Inc.

Terms of the deal were not disclosed.

Columbus, Ohio-based Bold Penguin launched in 2016 targeting the small and midsize commercial insurance sector. 

Last year, it expanded with the purchase of analytics and software company RiskGenius.

Bold Penguin, which is headed by CEO Ilya Bodner, will retain its name and operate as a subsidiary of Madison, Wisconsin-based American Family, which has a network of agencies that will be able to use the Bold Penguin platform, the insurer said in a statement.

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