Sirius-backed Pie Insurance has made a move into Florida and Wisconsin, with the workers compensation-focused insurtech now offering coverage in 36 states across the US.
The Denver, Colorado-based company offers workers compensation coverage to the small business market.
The move into Florida and Wisconsin comes shortly after the business revealed that it had exceeded $100mn in cumulative written premium and had also surpassed $100mn in annualised run rate premium in less than three and a half years since launch.
The insurtech, which operates as an MGA for Sirius Group subsidiary Sirius America, offers AM Best A- rated workers comp insurance to small businesses, both directly through its website and also through thousands of independent insurance agents.
“In today’s economic climate, saving time and money is more critical than ever before,” said John Swigart, co-founder and CEO of Pie Insurance.
“With this expansion, we’re enabling Florida’s 450,000 small businesses and Wisconsin’s 100,000 to access affordable and simple workers’ comp insurance,” Swigart added.
Pie’s last funding round took place in May when the company raised $127mn and formed its affiliated entity, Pie Carrier Holdings, to create and purchase licensed insurance companies. To date, Pie has raised $188mn.
At that most recent funding round, Gallatin Point Capital joined current investors including Greycroft, SVB Capital, Aspect Ventures, Elefund, and Sirius International Insurance Group in participating in the capital raise.
Gallatin Point Capital is the lead investor in Pie Carrier Holdings, with Sirius also investing directly as well as continuing to issue insurance policies offered by Pie.