Centerbridge Partners and Allianz X – the digital investments arm of Allianz Group – co-led the round. White Mountains Insurance Group also joined as a new investor, and previous backers Gallatin Point Capital, Greycroft, Acrew Capital and others also participated in the round.
Pie Insurance, which provides workers’ compensation insurance to small businesses, has closed on a $315 million Series D round of funding.
The financing more than doubles Pie’s total capital raised since its 2017 inception to over $615 million. Pie claims that it is the largest funding round for any U.S.-based P&C (Property & Casualty) insurtech company this year. The Washington, D.C.-based startup, which uses data and analytics in its effort to offer SMBs a way to get insurance digitally and more affordably, told TechCrunch that in the first four months of 2022, it increased its annualized run rate premium (ARR) to nearly $300 million. It also more than doubled its gross written premium in the first quarter of 2022 compared to the same period in 2021.