Pie Insurance, tech-enabled provider of workers’ compensation insurance to small businesses, has completed its transition to a rated, full-stack carrier.
Pie Insurance Group has secured a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) from AM Best, a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.
In addition, effective January 1, 2023, the company acquired a nationally licensed insurance company that has been renamed The Pie Insurance Company.
Pie Insurance leverages technology to transform how small business buy and experience commercial insurance, with the goal of making it affordable and “easy as pie.”
The company said the series of integrations with the three companies will increase flexibility for small business insurance agents.
Specifically, agents using these partners have more flexibility to access quotes from multiple carriers, and can quote Pie policies directly without leaving their platform of choice. Pie said this will optimise production for agents, allow them to scale their businesses and improve client retention.
With this acquisition and AM Best rating, in addition to Pie’s 2021 acquisition of Pie Casualty Insurance Company Pie has now completed its transition to a rated, full-stack carrier. The company will begin issuing its own insurance policies later this year.
John Swigart, co-founder and CEO of Pie, said, “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.
“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 September 2022, Pie Insurance partnered with commercial insurance platforms Bold Penguin, Talage, and Tarmika.
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