Wisconsin-based American Family Insurance Mutual Holding Company has acquired commercial insurtech company Bold Penguin for an undisclosed sum.

Ohio-based, Bold Penguin specialises in small business insurance. The company’s digital exchange is used by insurance agents, brokers and other distributors to match, quote and bind policies from a range of insurers.

The purchase of the company is expected to help American Family expand its offering in the small businesses segment.

Moreover, American Family agency owners will be able to use Bold Penguin’s platform with a suite of products available specifically to them.

Bold Penguin will leverage the scale and financial stability of American Family to accelerate its digital capabilities.

American Family president and CEO-elect Bill Westrate said: “We welcome Bold Penguin’s incredibly talented, nimble and customer-driven team.

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“Like American Family, they believe that innovating and collaborating with others is the best way to meet customers’ wide-ranging needs.”

Following the transaction, Bold Penguin will become a subsidiary of the American Family Insurance group. It will continue to operate under its current name and will maintain its business model.

Bold Penguin founder and CEO Ilya Bodner, co-founder and chief data officer Ben Clarke will remain with the company along with their team.

Commenting on the deal, Bodner said: “Helping streamline the insurance experience for small businesses inspires us, and this transaction will super-charge our growth and service to partners even more, while fueling visionary, long-term work.”

In October last year, Bold Penguin reached a definitive agreement to buy RiskGenius, which provides insurance document intelligence software.

In 2019, the company raised $32m in a Series B funding round to accelerate business expansion.

American Family Ventures, the venture capital firm of the American Family, was one of the early investors in Bold Penguin.