Bold Penguin acquires MGA products-focused insurtech SquareRisk

Bold Penguin Expands with SquareRisk Acquisition

On October 10, Bold Penguin, a platform specializing in commercial insurance distribution and owned by American Family, announced its acquisition of SquareRisk, a marketplace focused on quoting and binding specialty managing general agent (MGA) products. This move aims to enhance Bold Penguin's capabilities in niche insurance markets.

Who is Involved?

Bold Penguin is known for its technology that streamlines the insurance buying process, connecting agents with insurers effectively. SquareRisk, on the other hand, offers a platform where users can quickly access specialty MGA products. The acquisition is viewed as a strategic step to adjust and cater to the evolving needs of the market.

What Does This Mean?

By integrating SquareRisk’s offerings, Bold Penguin aims to expand its product suite and provide access to specialized coverages for agents and their clients. This could benefit agents looking for comprehensive solutions for unique risks that traditional carriers might not cover as readily. It’s a practical move that enhances their technology, potentially boosting efficiency in the underwriting process.

Who Will Be Impacted?

This acquisition primarily impacts insurance agents and brokers who will now have broader access to specialty markets. The combination of the two platforms could result in a more seamless experience when dealing with complex insurance needs. Additionally, it positions Bold Penguin as a more competitive player in the insurtech space.

Final Thoughts

Overall, Bold Penguin's acquisition of SquareRisk highlights the ongoing trend of consolidation in the insurance technology sector, where companies seek to improve their offerings by bringing more specialized products to the table. It’s a development worth keeping an eye on as the commercial insurance landscape continues to evolve.

Original Source: The Insurer