Insurtech Bold Penguin said it has acquired SquareRisk, a digital, artificial intelligence-enabled wholesale insurance marketplace.
Bold Penguin said users of its quoting software will now have additional commercial insurance policy coverage op
tions beyond the admitted space to fill the evolving needs of business owners.
Additionally, the acquisition positions Bold Penguin, a subsidiary of American Family Insurance, to accelerate its integration speed and expansion into sp
ecialty and excess and surplus (E&S) markets while building immediate scale into digital wholesale operations.
“By leveraging all of Bold Penguin’s capabilities, bolstered by SquareRisk’s specialty and E&S market access and wholesale operations, we can place more risks
in the admitted and non-admitted spaces, ensuring our customers have markets for the businesses they work
with to provide coverage,” said Peter Settel, president and CEO of Dublin, Ohio-based Bold Penguin, founded in 2016.
SquareRisk, founded in 2022, connects retail brokers to over 45 specialty carriers and MGAs for industries such as
contractors, transportation, hospitality, manufacturing, and more.
Terms of the deal were not disclosed.
“By integrating our marketplace and wholesale operations with their extensive platform, we can dramatically accelerate our shared goal of providing agents an
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d brokers the fastest, most intelligent path to place even the most difficult-to-insure risks,” added SquareRisk CEO
Monesh Jain, founder. “This combination represents a monumental leap forward for the entire specialty market.”
Specialty Program Group LLC, an operator of specialty insurance distribution, underwriting, and consulting busine
sses, is consolidating its wholesale businesses under a single division called SPG Wholesale.
Monarch E&S, Beacon Hill Associates, Specialty Wholesale Insurance Solutions (SWIS), Capitol Special Risk, and JD
M & Associates will now operate under the unified division, combining expertise, carrier partnerships, and spec
ialty market access with scale, shared knowledge, and seamless support, said SPG. The legacy brands will no longer be used.
“This move isn’t about letting go of what made these companies special – it’s about taking the collective expertise an
d relationships and putting them to work in a more unified, accessible, and collaborative way,” said Chris Treanor, CEO and president of SPG.
SPG said the consolidation is part of an evolution from a network of specialty brands to an integrated platform
, simplifying how the organization shows up in the market while expanding access to niche solutions.
Also this month, Beacon Hill Associates rebranded to SPG Environmental. It also operates under SPG Wholesale. In July 2020, Specialty Program Group
acquired the assets of Beacon Hill Associates Inc.
“Stronger Together is who we are – that’s foundational,” Treanor added. “Aligned for the Future is how we m
ove forward. We’re unifying not just names, but the value, expertise, and relationships that fuel long-term success for our partners.”