InsurTech Pie Insurance has revealed it has received regulatory approval from the Illinois Department of Insurance to purchase Western Select Insurance Company.
According to Pie, the proposed acquisition represents an important step by the company to execute on its strategy of becoming a full-stack insurance carrier.
Founded in 2017, Pie specialises in workers compensation insurance for small businesses. Western Select is a property and casualty insurance company that is a subsidiary of Premia Holdings.
Following the closing of the acquisition, Western Select will be renamed Pie Casualty Insurance Company.
Pie co-founder and CEO John Swigart said, “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.
“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.”
Earlier this year, Pie closed its Series C round on $118m. The round was led by Allianz X and Acrew Capital.
The company claimed that the investment would enable it to further develop its technology and automation capabilities.
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