Insurtech company Bold Penguin has acquired SquareRisk, a digital marketplace that uses artificial intelligence to connect wholesale insurance buyers and sellers. This move gives Bold Penguin users access to a wider range of commercial insurance options, including specialty and excess and surplus (E&S) markets.
Bold Penguin, which is a subsidiary of American Family Insurance and based in Dublin, Ohio, plans to use SquareRisk’s technology and carrier network to speed up its growth in specialty insurance areas. SquareRisk, founded just last year, links retail brokers with more than 45 specialty carriers and managing general agents (MGAs) across industries like construction, transportation, hospitality, and manufacturing.
Peter Settel, Bold Penguin’s president and CEO, said the acquisition will help the company offer coverage for more types of business risks, both in traditional admitted markets and in non-admitted spaces like excess and surplus lines. SquareRisk’s CEO and founder, Monesh Jain, added that combining their marketplace with Bold Penguin’s platform will make it easier and faster for agents to find insurance for hard-to-place risks.
The financial details of the deal were not shared. This acquisition marks another step in Bold Penguin’s strategy to expand its digital wholesale insurance operations and specialty market presence.