Kirkland & Ellis advised Centerbridge Partners on its role in a $315 million Series D round of funding for Pie Insurance (Pie), a leading tech-enabled provider of workers' compensation insurance to small businesses. The round was led by Centerbridge Partners and Allianz X, the digital investments arm of Allianz Group. White Mountains Insurance Group also joined as a new investor, and previous investors Gallatin Point Capital, Greycroft, Acrew Capital and others also participated in the round. The transaction is the largest round of financing for any U.S. based P&C insurtech company in 2022.
The Kirkland team was led by corporate partners Kimberly Han and Rajab Abbassi and associate Jermaine Cherry, insurance regulatory partner Parimah Hassouri, and tax partner Polina Liberman.