Bold Penguin Expands its Commercial Offerings to Include E&S Coverage by Partnering with Markel
Bold Penguin will be able to extend its commercial insurance offerings to non-standard SMBs
COLUMBUS, Ohio, April 22, 2020 /PRNewswire/ -- Bold Penguin, the commercial insurance platform that operates the world's largest exchange, is announcing a partnership with Markel Specialty and its excess and surplus products, to expand commercial offerings on the Bold Penguin Exchange to include excess and surplus (E&S) coverage. This is the first time both standard commercial and E&S commercial options will be available on a single platform.
Adding E&S coverage to Bold Penguin's existing offerings (which include General Liability, Business Owners Policy, Professional Liability, Workers Compensation and Commercial Auto) not only increases the value of the Bold Penguin Exchange but also gives more non-traditional small businesses peace of mind through access to the coverage they need.
Since 2016, Bold Penguin has been revolutionizing what was once a tedious and inefficient process by creating a digital exchange platform that helps small-medium businesses (SMBs), their brokers, and major carriers connect faster than ever before.
"We've noticed that now more than ever, E&S coverage is critical to modern SMBs," said Mark Schauss, who heads up all binding P&C for Markel. "Partnering with Bold Penguin was the natural next step in transforming E&S insurance."
"Our mission at Bold Penguin is to empower agents, brokers and carriers to find the ideal commercial insurance solution for each individual SMB, including those that are not traditional businesses. Our technology is unifying a fragmented market, and Markel is a major player in E&S underwriting, so partnering with them allows us to enter this space in an extremely impactful way," said Ilya Bodner, founder, and CEO of Bold Penguin.
By partnering with Markel Specialty, Bold Penguin can now offer E&S commercial coverage options alongside standard options to agents and brokers representing non-traditional SMBs three times faster than the traditional process.
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. Bold Penguin was founded in 2016 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.
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at markel.com.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Markel's and Lansing's beliefs, plans or expectations, are forward-looking statements. These statements are based on Markel's and Lansing's current plans, estimates, and expectations. There are risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by such statements. Neither Markel nor Lansing assumes any obligation to update this release (including any forward-looking statements herein) as a result of new information, developments, or otherwise. This release speaks only as of the date issued.