Global insurance brokerage and financial services firm Hub International and InsurTech Bold Penguin is to acquire Insureon Holdings.
Pending the closings of two separate transactions, Hub will acquire the Insureon digital insurance agency and brand while Bold Penguin will acquire the Insureon technology platform.
Hub will also enter into an enterprise agreement with Bold Penguin to license the Insureon technology platform. Terms of the transactions were not disclosed.
As a digital-first brokerage, Insureon‘s platform enables customers to shop, compare, buy policies, and manage their coverage online. Annually, Insureon services more than 350,000 customers in all 50 states in the US.
Insureon’s platform is a state-of-the-art cloud-based technology platform with 24/7 monitoring and flexible API integration for seamless connectivity with carriers. Bold Penguin will acquire the technology platform and continue to serve Insureon’s enterprise software and SaaS clients, expanding Bold Penguin’s depth of products, carriers, and clients.
Marc Cohen, Hub president and CEO, said, “The addition of Insureon and our partnership with Bold Penguin – leaders in InsurTech innovation – not only strengthens our unique market position but accelerates our digital capabilities.
“The one constant in our ever-changing climate is that customers want choice. We are positioned to deliver omnichannel solutions that will continue to evolve and keep pace with our client’s needs. This is just the beginning.”
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