Bold Penguin Reaches Definitive Agreement to Acquire RiskGenius
Company adds qualitative policy review capabilities as it continues to be the dominant leader in small commercial connectivity
COLUMBUS, OHIO, October 6, 2020 – Bold Penguin, a rapidly growing commercial insurance technology provider, announces today it has entered into a definitive agreement to acquire RiskGenius, a pioneer in insurance document intelligence software. The acquisition will add RiskGenius’s data and analytics products, as well as the team, to Bold Penguin’s existing SaaS platform. This is Bold Penguin’s second InsurTech acquisition this year, continuing to build on its position as the market leader in the $300 billion commercial insurance connectivity space.
"Bold Penguin is obsessed with reducing the time it takes to quote and bind commercial insurance," said Ilya Bodner, Founder and CEO of Bold Penguin. “Adding RiskGenius allows us to supercharge our data analysis efforts. Their policy level data approach helps our Exchange grow and ultimately has a significant impact in the quoting process for our customers.”
The RiskGenius platform is an AI-driven, SaaS-based solution developed specifically for the insurance industry. It applies machine learning to insurance policies, allowing users to rapidly understand terms of coverage across a library of policy documents including policy review, compliance, competitive analysis and emerging risk assessments. This helps carriers and brokers efficiently assess, analyze, and compare policies and coverage language.
“Bold Penguin’s work upgrading and digitizing small commercial distribution is an ideal complement to our policy analysis focus, and we both share the same passion to connect and accelerate the industry,” said Chris Cheatham, CEO and Founder of RiskGenius.
“As the policy life cycle continues and policies renew, it’s critical to understand policy language and clearly present coverage updates. That is exactly what we do with our technology. We’re proud to join forces with Bold Penguin and be the leaders in understanding every part of the insurance supply chain and making it better for the businesses, agents, and carriers in the mix,” Cheatham added.
RiskGenius will become part of Bold Penguin’s insurance intelligence effort, which leverages data and has a focus on intuitive workflow processing. The two companies will combine efforts and identify plans to increase the velocity of features being produced.
Financial Technology Partners (“FT Partners”) served as exclusive financial and strategic advisor to Bold Penguin in this transaction.
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.
RiskGenius is on a mission to help carriers and brokers deliver the right coverage impossibly fast. Launched in 2015, RiskGenius applies machine learning to insurance policies, which enables insurance professionals to dramatically enhance the consistency of coverage they offer clients and deliver it to them faster than ever before possible. For more information, please visit www.riskgenius.com.
About FT Partners
Based in Silicon Valley, Financial Technology Partners (“FT Partners”) is the only investment banking firm focused exclusively on providing top-tier strategic and financial advisory services to FinTech CEOs, founders and investors. The Firm offers CEOs and investors a wide array of strategic advisory services in mission-critical transactions including Private Capital, M&A, IPO Advisory, Debt Advisory, LBOs and Recapitalizations.
FT Partners' CEO, Founder and Managing Partner, Steve McLaughlin, was formerly a senior investment banker in Goldman Sachs & Co.'s FinTech Group and Financial Institutions Group in San Francisco before leaving the firm to form FT Partners in late 2001.