(Image source: Bold Penguin.)
Bold Penguin (Columbus, Ohio) today announced its acquisition of xagent (Reston, Va.), an independent, multi-quote platform for standard and surplus lines business insurance market. Bold Penguin says the acquisition will enable it 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. Bold Penguin will integrate the xagent solution for agents with the Bold Penguin Exchange, which connects businesses, agents and carriers for insurance quoting.
“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,” comments Ilya Bodner, Founder and CEO of Bold Penguin. “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.”
This acquisition reinforces Bold Penguin’s strategic focus around expanding access to excess & surplus lines and building out what it characterizes as a flexible and customizable technology stack. The company’s describes its platforms as connecting a fragmented industry via a single integration.
Simplifying and Accelerating the Commercial Insurance Purchasing Process
“Both of our business models back the ‘trusted advisor’ or agent, and our technology platforms keep things simple and enable the human connection people still want when buying insurance,” comments Bryan Baird, President and CEO, xagent. “xagent is proud to join forces with Bold Penguin, the leader in the InsurTech industry, and work together to solve the same problem: simplifying and accelerating the process to obtain commercial insurance.”