Bold Penguin

What it is

Bold Penguin runs a digital commercial insurance exchange. The Terminal is the part agents use to quote small commercial. The company was founded in 2016, is based in Ohio and has been a subsidiary of American Family Insurance since early 2021, according to Insurance Journal. In October 2025, it bought SquareRisk, a wholesale marketplace, to expand into specialty and E&S.

Bold Penguin says agents can reach 40+ carriers in all 50 states, across admitted and E&S markets. Its help center has guides for 32 carriers, including Liberty Mutual, Travelers, ERGO NEXT, Chubb, CNA, Nationwide, Hiscox, biBerk, EMPLOYERS, Guard, Pie and Coterie.

The company’s marketing is shifting toward middle-market and complex submissions. In September 2026, it launched DeX ai, which opens its exchange to carriers and brokers through APIs.

How it works

Based on Bold Penguin’s help center:

1. Set up your account. Complete compliance, agency documents and commission payout setup in the Terminal.
2. Choose how you access carriers. There are three routes:
   • Direct appointments. You keep 100% of the commission.
   • Market access appointments. You request these in the Terminal, and commission splits 75/25.
   • The Placement Desk. North Peak Access places the business, and commission splits 50/50.
3. Enter the risk. Start from scratch, upload an ACORD or prefill from HawkSoft. The Terminal uses NAICS codes to check each carrier’s integrated appetite.
4. Compare quotes. Lines marked In Terminal return quotes on screen. Some lines are Off Platform and must be quoted on the carrier’s portal.
5. Handle fall-out. If a risk is declined or out of appetite, you can send it to the Placement Desk or to RT Specialty and Pathpoint for E&S. You can also refer it to the Bold Penguin Exchange for a 50/50 split of the referral revenue. Exchange enrollment usually requires 75–100 referrals a month.

Where it’s strong

• Access without appointments. Market access appointments are included in the subscription. That helps newer or smaller agencies that don’t yet have carrier contracts.
• A path for fall-out. The placement desk and E&S options keep declined risks inside one system.
• Clear carrier guides. Each guide shows which lines and access routes work. For example, ERGO NEXT supports BOP, GL and professional liability through direct or market access appointments.

Where it falls short

• Direct appointments are closed to new accounts. The help center says Terminals opened on or after June 1, 2026 can’t activate direct appointments. New users therefore can’t use their own contracts at 100% commission.
• Big carriers have conditions. Liberty Mutual is listed as direct-appointment only. Travelers isn’t taking new market access appointments, and the help center says Travelers may require you to finish quotes on its own portal.
• Appetite gaps. Bold Penguin notes that not every carrier’s appetite is fully integrated. Some risks, such as lessor’s risk only, can show as out of appetite in the Terminal but still quote on the carrier’s portal.
• Thin commercial auto, limited AMS sync. Only Nationwide and Acuity offer commercial auto in the Terminal. HawkSoft is the only documented AMS integration, and it only pulls data into Bold Penguin.
• The Hartford and Progressive don’t appear in the carrier guides.
• Few public reviews. We could not find enough G2 or Capterra reviews to summarize.

Pricing and setup

As of October 2026, the Terminal is an annual subscription. It renews automatically on your sign-up anniversary. Bold Penguin’s terms say you can cancel yourself, and cancellation takes effect immediately. The price isn’t published. Market access appointments carry no extra fee, but they do carry the 75/25 commission split. Setup involves compliance review, and each carrier may ask for its own paperwork before approving a market access appointment.

Who should look elsewhere

• Agencies with strong direct appointments may keep more commission on a comparative rater that quotes their own carriers.
• Applied Epic or EZLynx shops should compare a rater built into their AMS.
• Agencies that want a free trial with published pricing can look at a platform that lists its tiers.