View this article online: https://www.insurancejournal.com/news/national/2023/02/03/705870.htm
Small-business workers compensation provider Pie Insurance has completed its transition to a full-stack carrier.
Effective Jan. 1, the company said it acquired nationally licensed insurance company The American Insurance Company, while also touting the news that the Pie Insurance Group earned a Financial Strength Rating of A- from AM Best.
Terms of the acquisition were not disclosed.
“Receiving A- (Excellent) 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,” said John Swigart, co-founder and CEO of 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.”
The insurance company will be renamed The Pie Insurance Company, and will begin issuing its own insurance policies later this year, the company said. Until now, Pie, founded in 2017, was as a managing general agent for SiriusPoint America Insurance Company.
Its role as an MGA will continue for Ford Motor Credit Company later this year with the launch of Ford Pro Insure as it has expanded into commercial auto insurance.
In September last year, Pie Insurance raised a $315 million Series D round of funding – the largest round of financing for any U.S. based P&C insurtech company in 2022. Pie said then it intended to use the funds to support growth initiatives, including expanding into new lines of business and transitioning to a full-stack carrier. Since 2017, Pie secured over $615M in funding and partnered with over 2,800 agencies nationwide.
Pie is one of several companies to start the year announcing that they have become a full-stack carrier. At-Bay and Coalition last month said they too have become full-stack insurers.
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