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American Family Insurance Acquires US Insurtech Firm Bold Penguin
Friday 15 January 2021

Wisconsin, US-based American Family Insurance Mutual Holding Company has acquired Ohio-based commercial insurtech Bold Penguin to provide an insurance-focussed digital platform for small businesses, the company said.

Financial details of the transaction are not being disclosed.

Bold Penguin will become a subsidiary of the American Family Insurance group, pending regulatory approval and closing.

Bold Penguin will be able to leverage the scale and financial stability of American Family, allowing it to accelerate its digital capabilities while remaining independent in how it operates and expands its exchange.

The purchase of Bold Penguin continues American Family's transformation into a national, multi-line insurer, created in part through multiple acquisitions and a merger. It also reflects the company's involvement with adjacency companies that complement its insurance operations.

Simpson Thacher and Bartlett LLP served as legal advisor for American Family on the transaction. FT Partners served as financial advisor for Bold Penguin.
Date Published: 15/01/2021