Bold Penguin, Brokerage Hub and Insrtech looking to acquire digital agency, turned their attention to Insureon. Chicago-based Insureon calls itself the best independent marketplace for online delivery of small business insurance. It was one of the original insurtechs launched to serve small business owners looking to buy online coverage. Hub, also in Chicago, will acquire the Insureon digital insurance agency and brand, pending the closing of the two separate transactions. Bold Penguin will acquire the Insureon technology platform.
Hub later said Insureon would enter into a corporate agreement with Columbus, Ohio-based Bold Penguin to license its technology platform, without disclosing terms. Insureon has 350,000 customers and extensive insurance business partners in 50 states each year and serves the small business market in the United States. Hub president and CEO Marc Cohen said the acquisition "significantly increases the scale and depth of Hub's digital capabilities."
"The addition of Insureon and our partnership with Bold Penguin, a leader in insurtech innovation, not only strengthens our unique market position, but also accelerates our digital capabilities," Cohen said in a statement. Insureon CEO Dan Kazan will join both companies. “By combining Insureon's leading technology, Hub's investment and pulse in customer expectations, and Bold Penguin's commitment to serving small businesses, we help create the future of the small business market,” he said. Jeff Kroeger, Insureon's chief commercial officer, will join the Hub along with the digital agency and front-end e-commerce technology and product teams. Hub said Insureon's digital agency will enable the broker to more efficiently serve association and affinity group customers and expand its network to develop and distribute insurance products in collaboration with carriers.
Bold Penguin, a subsidiary of American Family Insurance, will acquire Insureon's cloud-based technology platform with 24/7 monitoring and flexible API integration for connecting to carriers. Bold Penguin will continue to serve Insureon's enterprise software and SaaS customers, expanding Bold Penguin's product, carrier and customer depth. Insureon's platform technology, carrier integration, and enterprise/SaaS teams will join Bold Penguin.