Company also announces acquisition of a nationally licensed insurance company
A provider of workers’ compensation insurance to small businesses, Pie Insurance Group, has announced that it has secured a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) from AM Best.
“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.
Source: Pie Insurance