Denver, CO – Pie Insurance recently released its latest figures, highlighting the company’s strong and sustainable growth since its founding in 2017.
In the first quarter of 2022, Pie more than doubled its gross written premium over the same period in 2021. Additionally, in the first four months of 2022, Pie increased its annualized run rate premium (ARR) to nearly $300 million.
Pie’s customer base and partner channel have also continued to grow. Since the beginning of 2021, Pie has more than doubled its number of policyholders and insurance agency partners.
“There remains an incredible opportunity for disruption in the small business commercial insurance market, and Pie’s growth across every facet of the business is a testament to the demand for affordably priced and accessible coverage,” said John Swigart, co-founder and CEO of Pie Insurance. “We are focused on delivering positive unit economics driven by an incredibly granular approach to underwriting and pricing, scalable multi-channel distribution, and a world-class team of insurance and technology talent.”
Pie’s rapid growth is most importantly accompanied by continued strong underwriting results. “It is very common and expected for a new insurance business to have worse than average loss ratios,” Swigart continued. “This is driven by typical new business ‘penalties’ and relatively immature operations compared to incumbents.” Pie, however, has been able to buck this trend by achieving claim frequency below industry averages and loss ratios on par with the industry average.’
Source: Pie Insurance