Bold Penguin, an InsurTech 100 company, has acquired xagent, a multi-quote platform for standard and surplus lines business insurance.
The deal will help Bold Penguin to improve services for insurance carriers, brokers and agents by extended its scale.
Bold Penguin is a commercial insurance exchange which connects businesses, agents and carriers to the right quote. Its platform gives a single location for brokers to triage risks, access real-time rates from participating carriers and rand carrier partners based on customizable algorithms.
Bold Penguin founder and CEO Ilya Bodner said, “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.
“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.”
Bold Penguin formed a partnership with Entrepreneur Media in late 2019. The agreement means business owners visiting Entrepreneur’s websites will receive direct access to infrastructure from Bold Penguin and access to commercial insurance offerings.
Last year, Bold Penguin was listed in the second annual InsurTech 100 list.
The InsurTech closed a $32m Series B round to support the creation of platform enhancements and expanding into new areas.
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