The commercial insurance area raises $50 million until now as capital investments for the development of the company inside out.
FREMONT CA: Bold Penguin, a leading commercial insurance technology provider, announces the completion of a $32 million Series B funding round, accounting for total capital of over $50 million.
The funding was led by growth equity firms Hudson Structured Capital Management Ltd., Lightstone, Guggenheim Insurance, and Lockton along with individuals from Stone Point Capital and existing investors. The additional capital can accelerate the growth in engineering, as the company plans to deliver platform enhancements. The enhancements include increased flexibility in leveraging the technology by enterprise customers, expansion in excess and surplus lines, along with maintenance of rapid pace of admission among carrier integrations necessary to support the 950,000 businesses.
An upgrade, especially in the commercial insurance space, was necessary, with support from both the industry and the investment community. With the funding, the problem is fixed within the company, and the sector by itself reflects the founder of Bold Penguin.
From its conception since 2016, Bold penguin has grown exponentially into a supporting infrastructure fir industry giants and numerous distribution channels. The company enables quoting and bidding of commercial insurance to happen in minutes against the traditional methods, which most times take several weeks.
The Columbus, Ohio-based company, Bold Penguin is excited with its investors to build the upcoming generation of commercial insurance products and features. The company is where technological enhancements complement the human touch in the sector. The users experience is upgraded in businesses by focusing on agents and creating an easy tool for them. The foundation of the company was laid by a group of entrepreneurs who spent their early days striving with Allstate, nationwide, and progressive alongside regional carriers and established insurance agencies. The new series B funding has given wings to Bold Penguin, allowing it to achieve the goals and bring commercial insurance area to light.