HUB International and Bold Penguin to Acquire Insurance Company Insureon
Hub International Limited (Hub), a global leader in insurance brokerage and financial services, in partnership with bold penguinan insurtech innovator, today announced that it has agreed to acquire the assets of Insureon Holdings, LLC (Insureon) and its affiliates. Pending the closing of two separate transactions, Hub will acquire agency and digital insurance brand Insureon while Bold Penguin will acquire technology platform Insureon. Hub will also enter into a corporate agreement with Bold Penguin to license the Insureon technology platform. Terms of the transactions were not disclosed.
An e-commerce pioneer, Insureon is the largest independent agency in the United States for digital delivery and commercial insurance fulfillment to small businesses. As a digital brokerage, Insureon brings deep capabilities in digital customer experience and design, as well as digital marketing and execution, to deliver a best-in-class customer journey. Insureon’s digital platform allows customers to shop, compare, purchase policies and manage their coverage online. Each year, Insureon serves more than 350,000 customers in all 50 states and has a wide range of insurance company partners, including some of the largest and most respected carriers serving the US small business market.
“Today’s announcement significantly increases the scale and depth of Hub’s digital capabilities. Our unwavering commitment to solving the challenges our customers face is reinforced by technology solutions that allow us to meet customers where they are and how they want to obtain assurance,” noted Mark CohenPresident and CEO of Hub. “The addition of Insureon and our partnership with Bold Penguin – leaders in insurtech innovation – not only strengthens our unique position in the market, but also 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 customers’ needs. This is just the beginning.”
In addition to providing solutions to individual business owners, Insureon’s digital agency will enable Hub to more effectively serve its association and affinity group clients. It also expands Hub’s network to develop, offer and distribute a new generation of exclusive insurance products in collaboration with insurers.
Insureon’s platform is a cutting-edge, 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 customers, expanding Bold Penguin’s line of products, carriers and customers. The acquisition of the Insureon technology platform will strengthen Bold Penguin’s position as the commercial insurance market leader for commercial and personal insurance agencies.
“Bold Penguin shares Hub’s passion for innovation and making small business insurance easier and more effective to access.” noted Ben ClarkChief Data Officer and co-founder of Bold Penguin. “We have an exciting future together delivering a digital transformation experience to Hub customers and prospects as we leverage Insureon’s innovative solutions to expand Bold Penguin’s market-leading commercial insurance exchange capabilities. “
“From the beginning, Hub and Bold Penguin have demonstrated their commitment to our vision of creating positive change in the small commercial market through e-commerce and technology,” noted Dan KazanAssureon CEO, who will join the two companies to help them continue to grow and innovate. “For more than a decade, Insureon has built the industry-leading insurance technology platform for small businesses. customers, and Bold Penguin’s commitment to serving small businesses, we are helping to create the future of the small commercial market.
Jeff KroegerInsureon sales manager, will join Hub with the digital agency and front-end e-commerce technology and product teams. Insureon’s platform technology, carrier integration and enterprise/SaaS teams will join Bold Penguin.
At Hub, Insureon’s operations will be part of Specialty Program Group LLC (SPG), a fully licensed Hub-licensed holding company created to acquire and grow the best insurance underwriting facilities and specialty businesses. The acquisition of Insureon further strengthens SPG’s digital underwriting capabilities. The team will report to Chris TreanorPresident and CEO of SPG.