Hub International And Bold Penguin To Acquire Leading Digital Small Commercial Insurance Firm Insureon

Mar 01, 2022•over 3 years ago

Acquiring Company

Hub International

Acquired Company

Insureon

ChicagoInsuranceEmployee BenefitsFinancial ServicesInformation TechnologySoftwareProfessional Services

Description

Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, in partnership with Bold Penguin, Inc. (Bold Penguin), an insurtech innovator, announced today that they have agreed to acquire the assets of Insureon Holdings, LLC (Insureon) and its affiliates. 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.

Company Information

Company

Hub International

Location

Chicago, Illinois, United States

About

Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 17,000 employees in offices located throughout North America, HUB's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Company

Bold Penguin

About

Headquartered in Columbus, Ohio, Bold Penguin makes quoting and binding small commercial insurance effortless. With a commitment to agents, Bold Penguin upgrades the buying experience for small businesses, fuels efficient agency growth, and offers streamlined distribution and underwriting for carriers. Bold Penguin was founded in 2016 by a group of entrepreneurs who spent their early days working with large national insurers alongside regional carriers and established insurance agencies. For more details, please visit www.boldpenguin.com.

M&A Insights

Based on deal data

Integration timeline

70% of M&A integrations take 12-24 months to complete

Tech stack consolidation

83% of merged companies consolidate technology vendors within first year

Post-acquisition investment

Companies increase IT spending by 23% on average after acquisitions

Success factor

M&A deals with strong technology integration plans are 2.5x more likely to succeed

Related People

Hub International And Bold Penguin To Acquire Leading Digital Small Commercial Insurance Firm Insureon

Description

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Company Information