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March 26, 2021

Small business-focused insurtech Pie Insurance lands $118m funding

Pie Insurance, which offers workers’ compensation insurance to small businesses, has raised $118m in a Series C round to fuel growth.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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The latest financing round was led by Allianz X and Acrew Capital. They were joined by current backers Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings.

The new round brings the total capital raised by the insurtech to date to over $300m.

Commenting on Pie, Allianz X CEO Nazim Cetin said that the insurtech has transformed the commercial property and casualty insurance space in the US.

Cetin noted: “The company has enormous growth potential far beyond its current core business. For Allianz, there are plenty of opportunities for cooperation with Pie, for example, in the joint development and sale of insurance solutions.

“We also see collaboration potential with some of our other B2B portfolio companies.”

Pie plans to make further investments in technology and automation with the new capital. The company also intends to use the money for growing its core workers’ compensation insurance business, and lay the groundwork for new offerings this year and beyond.

In May 2020, Pie received $127m in new funding and capital commitments. This involved a $100m equity capital commitment to fund its strategic initiative to form and purchase licensed insurance companies. As part of it, it formed a new affiliated company, Pie Carrier Holdings.

Pie co-founder and CEO John Swigart said: “Now more than ever, small businesses deserve to be supported, not hindered, by their insurance company.

“Pie is leading the charge in building a more affordable and modern insurance experience, and today’s funding enables us to expand our operations and invest in technology and tools that will have an immediate impact on our customers and partners.”

 

 

 

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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