Insurance

Bold Penguin sold to American Family Insurance

Bold Penguin sold to American Family Insurance

One of Columbus’ fast-growing technology startups has been sold.

Bold Penguin, an insurance technology, or insurtech, company that makes buying and selling commercial insurance faster and easier, has been acquired by Madison, Wisconsin-based American Family Insurance, one of its early investors.

Terms weren’t disclosed.

“My goal has always been to be bought or sold to a major insurance company or a software provider,” said Ilya Bodner, the company’s 37-year-old founder and CEO.

Bodner said a key part of the deal is that Bold Penguin’s operations will remain in Columbus and that it will continue to operate independently. Ben Clarke, 34, co-founder and chief data officer, as well as other leaders and employees will remain with the company, where staff doubled in 2020 to about 160 workers and a dozen contractors.

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