Insurtech Pie Insurance has received regulatory approval from the Illinois Department of Insurance to acquire Western Select Insurance Company for an undisclosed sum.
Western Select Insurance Company offers property and casualty insurance and is licensed in Illinois, California, and New York.
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Pie Insurance, which specialises in workers’ comp insurance for small businesses, noted that the acquisition is in line with its strategy to become a full-stack insurance carrier.
The insurtech’s subsidiary Pie Carrier Holdings will acquire the P&C insurer from a subsidiary of Premia Holdings.
Premia Holdings had bought Public Service Insurance Company and its subsidiary Western Select Insurance Company out of rehabilitation in 2019.
Under the agreement, Western Select Insurance Company will be renamed as Pie Casualty Insurance Company after the completion of the deal.
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By GlobalDataPie Insurance co-founder and CEO John Swigart said: “Since Pie was founded in 2017, our goal has been to offer the entire small business insurance experience to our customers as a full-stack insurance carrier.
“Receiving regulatory approval to acquire Western Select Insurance Company is a key milestone on the path for Pie to write our own policies, and to bring our seamless commercial insurance experience to even more small businesses across the country.”
The acquisition follows Pie Insurance’s $118m Series C round in March this year.
The new round brought the total capital raised by the insurtech to date to over $300m.
