Hudson Structured has invested in another insurance technology firm, helping Columbus Ohio based commercial insurance technology firm Bold Penguin complete a $32 Million Series B funding round.
Hudson Structured Capital Management Ltd. (doing its insurance investment business as HSCM Bermuda), the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has been investing in insurtech start-ups and growth companies alongside its ILS style investments.
The asset manager, which was established by ex-Goldman Sachs structured finance head Michael Millette, invests in insurtech as one of the range of ways it accesses insurance-linked returns for its investors, from across the range of market access points.
Bold Penguin received the investment from Hudson Structured Capital Management Ltd. alongside participation from other backers Lightstone, Guggenheim Insurance, Lockton, existing investors and individuals from insurance and reinsurance focused private equity specialist Stone Point Capital.
The new injection of capital will be used to accelerate growth in engineering for Bold Penguin, with the firm aiming to develop enhancements to its platform to provide more flexibility in how the core technology can be used by enterprise customers.
In addition, Bold Penguin intends to expand in Excess and Surplus (E&S) Lines and keep up the rapid pace of admitted carrier integrations, which is required to support the 950,000 businesses handled using its technology.
“The commercial insurance space is a fantastic area of insurance that welcomes an upgrade,” explained Ilya Bodner founder and CEO of Bold Penguin. “Having support from not only the industry but also the investment community to help fix the problems from within is very exciting in this next chapter of our company.”
Bold Penguin was launched in 2016 and rapidly became a supportive piece of commercial insurance infrastructure for major carriers and the distribution channel. The technology provides quoting and binding of commercial insurance in hours or minutes, versus more traditional methods which can take weeks.
“We’re thrilled to partner with our investors as we build out the next generation of commercial insurance products and features. Building a technology company from the ground right here in Columbus Ohio has been great for us and the region,” added Ben Clarke CTO and co-founder of Bold Penguin.
Hudson Structured sees its insurtech investments as able to deliver on insurance and reinsurance distribution innovation linked returns for investors in its funds. The company also recently invested in insurtech’s Noblr, TensorFlight, RiskGenius and Kin.