Insurtech firm Bold Penguin has acquired SquareRisk, an AI-powered wholesale insurance marketplace, in a move that broadens its reach into the specialty and excess and surplus (E&S) markets.
According to Bold Penguin, the acquisition enhances the capabilities of its quoting platform by providing users with expanded commercial insurance options, including access beyond the traditional admitted markets. This aligns with the evolving insurance needs of business owners, particularly in industries that require more specialized or non-admitted coverage.
As a subsidiary of American Family Insurance, Bold Penguin emphasized that this strategic move allows for faster integration into the specialty space and significantly scales its digital wholesale capabilities. The company, based in Dublin, Ohio and founded in 2016, has built a reputation for streamlining commercial insurance processes through its advanced technology platform.
“With the full strength of Bold Penguin’s technology and SquareRisk’s deep access to E&S and specialty carriers, we are now in a better position to serve a broader spectrum of risks,” said Peter Settel, President and CEO of Bold Penguin. “This combination ensures our users have access to both admitted and non-admitted markets, helping them find appropriate coverage solutions for the businesses they support.”
Founded in 2022, SquareRisk connects retail insurance brokers with more than 45 specialty carriers and managing general agents (MGAs). Its focus spans a variety of industries including construction, transportation, hospitality, manufacturing, and others that often require more complex or tailored insurance solutions.
SquareRisk CEO and founder Monesh Jain described the acquisition as a major advancement for the specialty insurance landscape. “Merging our wholesale and marketplace operations with Bold Penguin’s robust platform will significantly speed up our shared mission—to give brokers and agents the fastest, smartest route to place even the toughest commercial risks,” Jain said. “Together, we are setting a new standard for efficiency and innovation in the specialty insurance market.”
Though financial details of the acquisition were not released, the deal positions Bold Penguin to scale its digital footprint and operational infrastructure in the wholesale insurance sector. The partnership is expected to unlock new distribution channels, enable quicker placements for hard-to-insure risks, and offer a more seamless quoting experience for retail agents working across diverse industry verticals.
With this acquisition, Bold Penguin continues to build momentum in the commercial insurance space by enhancing its platform’s scope and speed—supporting agents, brokers, and carriers as they navigate the complexities of today’s insurance landscape.