(Image source: Pie Insurance homepage.)
Pie Insurance (Washington, D.C.), an InsurTech specializing in workers’ compensation insurance for small businesses, has announced that the company has acquired a nationally licensed insurance company that has been renamed The Pie Insurance Company. Pie announced in Aug. 2021 that the Illinois Department of Insurance had granted the company regulatory approval to acquire Western Select Insurance Company, a property casualty insurance company that is licensed in Illinois, California, and New York, from a subsidiary of Premia Holdings Ltd. (Pembroke, Bermuda). The company also announced that it had achieved a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) from AM Best, a global credit rating agency.
John Swigert, Co-Founder and CEO, Pie Insurance.
With the acquisition and AM Best rating, in addition to Pie’s 2021 acquisition of Pie Casualty Insurance Company, and capital infusion from Pie’s recent $315M Series D funding round, Pie says it has now completed its transition to a rated, full-stack carrier. Pie reports that will begin issuing its own insurance policies later this year.
Since its founding in 2017, Pie has served as a managing general agent (MGA) for SiriusPoint America Insurance Company. Pie also recently announced its expansion into commercial auto insurance and will begin serving as an MGA for Ford Motor Credit Company later this year with the launch of Ford Pro Insure.
Utmost Confidence
“Receiving A- Excellent credit ratings from AM Best sets us up for success as we fulfill our long-term strategy of becoming a technology driven, full-stack specialty carrier that has complete control over the insurance experience,” comments John Swigart, co-founder and CEO, Pie. “AM Best is the premiere authority on the financial stability of insurance companies and their validation promotes the utmost confidence in our ability to serve our independent agency partners and small business customers across the country.”