Company also announces acquisition of a nationally licensed insurance company
DENVER, Feb. 2, 2023 /PRNewswire/ -- Pie Insurance ("Pie"), a leading tech-enabled provider of workers' compensation insurance to small businesses, today announced that Pie Insurance Group has secured 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, news publisher and data analytics provider specializing in the insurance industry.
"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," 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."
In addition, effective January 1, 2023, the company acquired a nationally licensed insurance company that has been renamed The Pie Insurance Company.
With this 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 has now completed its transition to a rated, full-stack carrier. Pie 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.
About Pie Insurance
Pie Insurance is leveraging technology to transform how small businesses buy and experience commercial insurance, with the goal of making it affordable and as easy as pie. Pie's intense focus on granular, sophisticated pricing, and data-driven customer segmentation enables Pie to match price with risk accurately across a broad spectrum of small business types, which allows Pie to offer more affordable insurance to small business owners. Since 2017, Pie has received over $615M in funding and partnered with over 2,800 agencies nationwide.
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SOURCE Pie Insurance