Bold Penguin Announces Acquisition of xagent to Broaden Reach of Existing Exchange, Better Serve Commercial Insurance Market
Bold Penguin acquires xagent to better serve Insurance Carriers, Brokers and Agents
COLUMBUS, Ohio, Jan. 2, 2020 /PRNewswire/ -- Bold Penguin today announced its acquisition of xagent, an independent, multi-quote platform for standard and surplus lines business insurance market. This acquisition will enable Bold Penguin to better serve Insurance Carriers, Brokers and Agents through increased scale and a single choice in the market, while maintaining its commitment to simplifying the commercial insurance process.
The Bold Penguin Exchange connects businesses, agents and carriers to the right commercial insurance quote efficiently and effectively. The xagent solution for agents will be integrated with Bold Penguin's Exchange.
With 30.2MM small businesses in the United States, the demand for commercial insurance policies continues to increase. Due to the complexity of the commercial insurance ecosystem, entrepreneurs have faced many challenges securing insurance – a process that takes on average 20 weeks. Bold Penguin, a rapidly growing commercial insurance technology provider, is solving this multifaceted problem by creating a single, comprehensive solution.
"We are obsessed with upgrading the commercial insurance ecosystem – helping it evolve to meet the needs of all the players and catch up with the pace of technological innovation," said Ilya Bodner, Founder and CEO of Bold Penguin. "xagent shares this vision and passion so instead of forcing the market to choose between our divided solutions, acquiring xagent gives customers one simple, comprehensive solution to trust."
This acquisition reinforces Bold Penguin's strategic focus around expanding access to Excess & Surplus and building out the industry's most flexible and customizable tech stack. The company's platforms connect a fragmented industry via one integration.
Bryan Baird, President and CEO of xagent, also commented, "Both of our business models back the 'trusted advisor' or agent, and our technology platforms keep things simple and enable the human connection people still want when buying insurance. xagent is proud to join forces with Bold Penguin, the leader in the insurtech industry, and work together to solve the same problem: simplifying and accelerating the process to obtain commercial insurance."
xagent was built by agents for agents, and delivers on the promise of a truly independent single-entry multi-quote exchange for standard and surplus lines business insurance in all 50 states. The company was recently named one of the Top 10 Insurtechs of 2018 by Insurance CIO Outlook.
About Bold Penguin
Bold Penguin is where technology enhances the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates an easy tool for agents, and offers a streamlined process of underwriting for carriers. Founded by a group of entrepreneurs who spent their early days working with Allstate, Nationwide and Progressive alongside regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com.