Media Release
Allianz X co-leads USD 315 million funding round in U.S. insurtech Pie Insurance
● New and existing investors joined Allianz X’s second funding round of Pie Insurance, a leading digital provider of workers’ comp insurance for small businesses in the U.S.
● Pie’s proprietary technology is a competitive advantage
● Latest funding to support growth in core business, expansion into new lines, and further evolution into a full-stack insurer
Munich/Denver, CO, 21 September 2022 — Allianz X has co-led a Series D funding round of the U.S. insurtech Pie Insurance with a total volume of 315 million U.S. dollars. In addition to Allianz X and fellow co-lead Centerbridge Partners, new and existing investors participated in the round, including Gallatin Point Capital and White Mountains Insurance Group, among others.
For Pie, this is the second financing round in two years — both of which have been led by Allianz X. In March 2021, investors provided 118 million U.S. dollars in a Series C round to further drive Pie’s growth. Since then, Pie expanded its coverage into 38 U.S. states and Washington D.C, doubled its gross written premiums, and increased its annualized run rate premium to more than 300 million U.S. dollars.
With the help of the newly invested capital, Pie will continue its evolution from managing general agent (MGA) to full-stack insurer, owning a larger part of the value chain itself. In addition, Pie will further strengthen the growth of its core business — workers’ comp insurance for small businesses — expand into new lines, and further invest in the extensive technologies that are already key competitive advantages for Pie.
“We’ve been continuously impressed by Pie’s innovation and ability to deliver strong growth and underwriting results since our relationship began with co-leading the company’s Series C round in early-2021,” said Nazim Cetin, CEO of Allianz X. “We’ll be there to support Pie every step of the way as the company continues its bold transformation to a full-stack insurer and expansion into new lines of business.”
“We’re proud to partner for a second time with Allianz X on today’s monumental funding round,” said John Swigart, co-founder and CEO of Pie. “Our ability to grow rapidly while still focusing on delivering profitable unit economics and sustainable loss ratios, is proving to be a key industry differentiator and attractive investment opportunity. We look forward to a long and successful future ahead with strong partners like Allianz X as we work to transform the future of commercial insurance.”
Pie is a leading digital provider of workers’ comp insurance for small businesses in the U.S. Thanks to a unique combination of extensive in-house databases and advanced analytics, Pie provides automated quotes for most companies with virtually no delay. The high quality of its data analysis enables fair prices for customers on the one hand, and low loss ratios for Pie on the other. At the same time, Pie also offers insurance agents easy-to-use access to its platform, so they can quickly make tailored offers to their small business customers. Allianz is a meaningful partner to Pie, as an investor via Allianz X and reinsurance partner via Allianz Reinsurance America.
For more information, please contact:
Allianz X
Gregor Wills, +49 89 3800 61313, gregor.wills@allianz.com
Pie Insurance
Allie Pergram, +1 860 377 5954, allie.pergram@pieinsurance.com
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 $615 million in funding and partnered with over 2,800 agencies nationwide.
About Allianz X
Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. In just a few years, it has grown to a portfolio of almost 30 companies and AuM of over 2 billion euros. Allianz X has counted 11 unicorns among its portfolio so far. The heart and brains behind it all is a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and reach their full potential.
This media release and its assessments are subject to this disclaimer.
