Allianz X, the digital investment unit of Allianz Group, has led the Series C financing round of U.S. insurtech Pie Insurance for a total of $118 million. This is the first time Allianz X has invested in a B2B insurtech in North America.
Acrew Capital, Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings also participated in the round. Pie has received more than $300 million in external capital since it was founded in 2017. The investment in and partnership with Pie also benefits Allianz by opening up further opportunities to strengthen its commercial business in the United States.
Pie is a leading digital provider of workers' comp insurance for small businesses in the U.S. Thanks to a unique combination of proprietary data and advanced analytics, Pie is able to create automated, precisely-tailored offers for most customers almost instantly. The high quality of the data analytics enables, on the one hand, fair prices for customers and, on the other, low loss ratios for Pie Insurance. Pie also offers insurance agents access to its easy-to-use platform, so they can make fast and fitting offers to their customers.