Bermudian-domiciled White Mountains Insurance Group has contributed a slice of a $315 million Series D round of funding raised by Pie Insurance, the insurtech company specialising in workers’ comp insurance for small businesses.

White Mountains, a financial services holding company, is a first-time investor in Washington DC-based Pie.

The round was led by Centerbridge Partners and Allianz X, the digital investments arm of Allianz Group.

Previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participated in the round.

The Series D fundraise more than doubled Pie’s total capital raised to over $615 million and is the largest round of financing for any US-based P&C insurtech company in 2022, Pie said.

John Swigart, co-founder and CEO of Pie, said: “This round of financing is monumental in more ways than one.

“It’s no secret that growth-stage start-ups, and specifically insurtechs, are facing a challenging fundraising environment. However, Pie’s ability to grow rapidly while still focusing on delivering strong unit economics and sustainable loss ratios, is proving to be a key differentiator.

“Pie is disrupting the highly fragmented small business commercial insurance market through our proprietary technology which more accurately prices and underwrites insurance risks.

“We believe the insurtech 2.0 phase of this industry-wide transformation will be built by companies like Pie that leverage their technology to ‘do the insurance better’ and deliver superior traditional insurance metrics along with a delightful customer experience.”

He added: “Since our founding in 2017, Pie’s mission has been to empower small businesses to thrive by making commercial insurance affordable and as easy as pie.

“This fundraise allows us to strategically expand in a way that serves the long-term interests of our customers, partners, investors, and Pie-oneers. Pie has an exciting future ahead and this capital allows us to stay true to our values, execute on our vision, and build a lasting and sustainable business.”