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September 25, 2019

Insurtech Bold Penguin secures $32m Series B funding

US-based insurtech start-up Bold Penguin has raised $32m in a Series B funding round to accelerate business expansion.

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Apart from the existing investors from Stone Point Capital, the funding round involved the participation of Hudson Structured Capital Management, Lightstone, Guggenheim Insurance, as well as Lockton.

The latest infusion takes the total capital raised by Bold Penguin to more than $50m so far.

Bold Penguin intends to invest the proceeds to enhance its technology platform for enterprise customers, and expand in Excess and Surplus (E&S) Lines.

Additionally, the company plans to strengthen carrier integrations in an effort to support the 950,000 businesses managed via Bold Penguin’s technology.

Commenting on the development, Bold Penguin founder and CEO Ilya Bodner said: “The commercial insurance space is a fantastic area of insurance that welcomes an upgrade.

“Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company.”

Established in 2016, Bold Penguin is said to facilitate commercial insurance quoting and binding in hours or minutes unlike the conventional process that may last for weeks.

Recently, Bold Penguin made Agent Terminal, its agent-facing technology, available in all 50 US states.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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