Log In

Reset Password

White Mountains invests in Pie insurtech

First Prev 1 2 Next Last
John Swigart, co-founder and CEO of Pie

Bermudian-domiciled White Mountains Insurance Group has contributed a slice of a $315 million Series D round of funding raised by Pie Insurance, the insurtech company specialising in workers’ comp insurance for small businesses.

White Mountains, a financial services holding company, is a first-time investor in Washington DC-based Pie.

The round was led by Centerbridge Partners and Allianz X, the digital investments arm of Allianz Group.

Previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participated in the round.

White Mountains Insurance Group: contributes to funding of Pie Insurance

The Series D fundraise more than doubled Pie’s total capital raised to over $615 million and is the largest round of financing for any US-based P&C insurtech company in 2022, Pie said.

John Swigart, co-founder and CEO of Pie, said: “This round of financing is monumental in more ways than one.

“It’s no secret that growth-stage start-ups, and specifically insurtechs, are facing a challenging fundraising environment. However, Pie’s ability to grow rapidly while still focusing on delivering strong unit economics and sustainable loss ratios, is proving to be a key differentiator.

“Pie is disrupting the highly fragmented small business commercial insurance market through our proprietary technology which more accurately prices and underwrites insurance risks.

“We believe the insurtech 2.0 phase of this industry-wide transformation will be built by companies like Pie that leverage their technology to ‘do the insurance better’ and deliver superior traditional insurance metrics along with a delightful customer experience.”

He added: “Since our founding in 2017, Pie’s mission has been to empower small businesses to thrive by making commercial insurance affordable and as easy as pie.

“This fundraise allows us to strategically expand in a way that serves the long-term interests of our customers, partners, investors, and Pie-oneers. Pie has an exciting future ahead and this capital allows us to stay true to our values, execute on our vision, and build a lasting and sustainable business.”

You must be Registered or to post comment or to vote.

Published September 26, 2022 at 7:24 am (Updated September 26, 2022 at 7:45 am)

White Mountains invests in Pie insurtech

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon