WTM - Insurtech startup Pie Insurance gets backing from Centerbridge Allianz others

• Pie Insurance, a tech-driven provider of workers' compensation insurance to small businesses, has raised $315M in a series D round of funding led by Centerbridge Partners and the digital investments arm of Allianz Group. White Mountains Insurance Group ( NYSE: WTM ) also joined as a new investor.
• Existing investors Gallatin Point Capital, Greycroft, and Acrew Capital, as well as others, also participated. The financing round is Pie's largest, more than doubling its total capital raised to $615M.
• The company will use the capital to support its growth initiatives including expansion into new lines of business, transitioning to a full-stack carrier, and innovating upon its advanced proprietary pricing algorithms. Pie, operating in the highly fragmented small business commercial insurance market, has proprietary technology designed to more accurately price and underwrite insurance risks.
• "This fundraise allows us to strategically expand in a way that serves the long-term interests of our customers, partners, investors, and Pie-oneers," said Pie CEO John Swigart.
• Last November, Heritage Insurance ( HRTG ) entered a partnership with Slide, a startup insurtech P&C carrier.

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