Hub, Bold Penguin to Acquire Small-Business Digital Agency Insureon

Brokerage Hub International and insurtech Bold Penguin have agreed to acquire digital agency Insureon Holdings.

Chicago-based Insureon calls itself the top independent marketplace for online delivery of small-business insurance. It was one of the original insurtechs launched to serve small businessowners who wanted to buy coverage online.

Pending the closings of two separate transactions, Hub, also based in Chicago, will acquire the Insureon digital insurance agency and brand. Bold Penguin will acquire the Insureon technology platform. Hub said it will then enter into an enterprise agreement with Columbus, Ohio-based Bold Penguin to license Insureon’s technology platform.

Terms of the transactions were not disclosed.

Hub was No. 1 on Insurance Journal‘s list of Top 100 Independent Property/Casualty Agencies in 2021. Insureon is also on the list at No. 80. Annually, Insureon has 350,000 customers in 50 states, and has broad insurance-company partners serving the U.S. small business market.

Marc Cohen, Hub president and CEO, said the acquisition “substantially increases the scale and depth of Hub’s digital capabilities.”

“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,” Cohen continued, in a statement. “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 clients’ needs. This is just the beginning.”

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Insureon CEO Dan Kazan will join both companies. He said: “By combining Insureon’s leading technology, Hub’s investment and pulse on customer expectations, and Bold Penguin’s commitment to serving small businesses, we are helping to create the future of the small commercial marketplace.”

Jeff Kroeger, chief commercial officer at Insureon, will join Hub along with the digital agency and front-end ecommerce technology and product teams. Last year during a podcast, Kroeger told Insurance Journal that the market size for online sales of small business could grow to $12 billion by the end of 2025.

Hub said Insureon’s digital agency will enable the broker to service its association and affinity group clients more efficiently and expand its network to develop and distribute insurance products in collaboration with carriers.

At Hub, the Insureon operations will be part of Hub holding company Specialty Program Group. The team will report to SPG CEO Chris Treanor.

Bold Penguin, a subsidiary of American Family Insurance, will acquire Insureon’s cloud-based technology platform with 24/7 monitoring and flexible API integration to connect to carriers. Bold Penguin will continue to serve Insureon’s enterprise software and SaaS clients, expanding Bold Penguin’s depth of products, carriers, and clients. Insureon’s platform technology, carrier integration and enterprise/SaaS teams will join Bold Penguin.

“We have a tremendous future together delivering a digitally transformative experience for Hub’s clients and prospects as we leverage Insureon’s innovative solutions to extend the market-leading capabilities of Bold Penguin’s commercial insurance exchange,” said Ben Clarke, chief data officer and co-founder of Bold Penguin.