Columbus-based Bold Penguin has acquired xagent, an independent, multi-quote platform for standard and surplus lines business insurance market. This strategic acquisition should enable Bold Penguin to better serve insurance carriers, brokers and agents through increased scale and a single choice in the market, while maintaining its commitment to simplifying the commercial insurance process.
Founded in 2016, Bold Penguin raised $32 million in Series B funding in September 2019.
The Bold Penguin Exchange connects businesses, agents and carriers to the right commercial insurance quote efficiently and effectively. The xagent solution for agents will be integrated with Bold Penguin’s Exchange.
xagent, located in Reston, Virginia, works with business insurance in all 50 states. The company was named one of the Top 10 Insurtechs of 2018 by Insurance CIO Outlook.
“We are obsessed with upgrading the commercial insurance ecosystem – helping it evolve to meet the needs of all the players and catch up with the pace of technological innovation,” Bold Penguin founder and CEO Ilya Bodner said, in a statement. “xagent shares this vision and passion so instead of forcing the market to choose between our divided solutions, acquiring xagent gives customers one simple, comprehensive solution to trust.”