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FT Partners Advises Bold Penguin on its Sale to American Family Insurance

Overview of Transaction

  • On January 14, 2021, American Family Insurance, the nation’s 13th largest property / casualty insurance group, announced it has entered into a definitive agreement to acquire Bold Penguin, a rapidly growing commercial insurance technology provider based in Columbus, Ohio
  • Founded in 2016, Bold Penguin is an InsurTech innovator that rapidly increases speed-to-bind for commercial insurance, operating the largest commercial insurance exchange powering over 100,000 quote starts every month

Significance of Transaction

  • By leveraging technologies such as machine learning and data-based insurance intelligence capabilities, Bold Penguin has improved the process of shopping for insurance for small businesses, the brokers they rely on and the carriers that service them
  • The acquisition continues American Family’s transformation into a national, multi-line insurer, created in part through multiple acquisitions and a merger, and also reflects the Company’s involvement with adjacency companies that complement its insurance operations

FT Partners' Role

  • FT Partners served as exclusive financial and strategic advisor to Bold Penguin in this transaction
  • FT Partners previously advised Bold Penguin on its acquisition of RiskGenius
  • This transaction highlights the long-term nature of many of FT Partners’ client relationships, as well as our deep domain expertise and transaction experience across the InsurTech sector