Pie Insurance will acquire a regional insurer as it moves forward with a bid of becoming a full-stack insurance carrier.
Pie purchased 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., following approval from Illinois regulars.
Once the deal closes, Western Select will be renamed Pie Casualty Insurance Company. Neither side disclosed financial terms.
“Since Pie was founded in 2017, our goal has been to offer the entire small business insurance experience to our customers as a full stack insurance carrier,” Pie co-founder and CEO John Swigart said in prepared remarks. “Receiving regulatory approval to acquire Western Select Insurance Company is a key milestone on the path for Pie to write our own policies, and to bring our seamless commercial insurance experience to even more small businesses across the country.”
Pie, a Washington, D.C.-based InsurTech, made the purchase through Pie Carrier Holdings, a subsidiary it created in May 2020 to help Pie become a full-stack carrier. Pie launched in 2017 to provide workers compensation insurance to small businesses, directly through its website and through independent agents. The company has operated as an MGA for Sirius America Insurance Company, a subsidiary of Sirius Group.
Pie has raised more than $300 million in venture funding and commitments for future funding since its launch, including an $118 million round in March 2021 backed by investors including
Source: Pie Insurance