AM Best assigns credit ratings to The Pie Insurance Company and Pie Casualty Insurance Company

OLDWICK, NJ, February 2, 2023—(BUSINESS WIRE)–AM Best assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent) to The Pie Insurance Company (TPIC) (Columbus, OH) and its consolidated affiliate, Pie Casualty Insurance Company (PCIC) (Chicago, IL), collectively known as Pie Insurance Group (Pie). The outlook given to these credit ratings (ratings) is stable.

The ratings reflect the strength of Pie’s balance sheet, which AM Best rates as very strong, as well as its adequate operating results, limited business profile and appropriate corporate risk management.

The valuations reflect Pie’s strongest level of projected risk-adjusted capitalization, as measured by Best’s capital adequacy ratio (BCAR), and a robust business plan that leverages advanced technology in unique ways to transform the way small Businesses buy commercial insurance in order to make it more affordable and easier to buy. The company is building a geographically diversified business portfolio that is delivered through direct channels, independent agents and various partnerships. The company uses proprietary technology that uses machine learning to quickly segment, price and underwrite commercial insurance for small businesses. AM Best believes that the company’s relationships and distribution channels will be critical to achieving the projected market scale.

The assessments also take into account the execution risk inherent in start-up organizations and the potential challenges facing management to execute the business plan. While the company’s innovative technology and relationships are expected to deliver on projections effectively, scaling operations and reliance on reinsurance may present challenges in gaining traction and achieving the planned profitable results. As usual, AM Best will be closely monitoring Pie’s actual performance against his plan.

The parent company was partially capitalized with Series D convertible permanent preferred stock in September 2022, which is considered a hybrid security under AM Best’s guidelines and results in an increased leverage ratio. However, the preferred stock does not contain any cash service or redemption obligations that could reduce the parent’s access to this capital. This alleviates AM Best’s leverage concerns at the parent level.

Pai began writing business in 2018, offering workers’ compensation with a focus on small businesses. With the acquisition of PCIC in September 2021 and the subsequent acquisition of TPIC in January 2023, Pie completed its transition to direct writer from managing general agent.

This press release refers to the credit ratings that are published on the AM Best website. For all rating information relating to the release and relevant disclosures, including details of the agency responsible for issuing each of the individual ratings set out in this release, please see AM Best’s Recent assessment activity Web page. For additional information on the use and limitations of credit score opinions, please see Guide to Best Credit Ratings. For information on the proper use of Best’s credit ratings, Best’s performance ratings, Best’s preliminary credit ratings, and AM Best’s press releases, see A guide to the proper use of Best’s ratings and reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit

Copyright © 2023 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Edin Imsirovich
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Greg Williams
Chief Director
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Christopher Sharkey
Manager, Public Relations
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Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
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