On September 21, 2022, Pie Insurance Holdings Inc. closed the transaction. The company amended the terms of the transaction. The company received $315,000,000 in the transaction led by new investor Centerbridge Partners, L.P., and returning investor Allianz X GmbH.

The transaction also included participation from new investor White Mountains Insurance Group, Ltd., returning investors Greycroft LP, Gallatin Point Capital LLC, aCrew Capital, and other investors. The company raised $615,000,000 in funding till date. The company has authorized to issue 19,625,348 series D preferred shares at a price of $40 per share for gross proceeds of $785,013,920, 19,625,348 non-voting series D preferred shares at a price of $40 per share for gross proceeds of $785,013,920, 19,625,348 series D-1 preferred shares at a price of $40 per share for gross proceeds of $785,013,920, 19,625,348 non-voting series D-1 preferred shares at a price of $40 per share for gross proceeds of $785,013,920, 11,362,682 series D-2 preferred shares at a price of $40 per share for gross proceeds of $454,507,280, and 11,362,682 non-voting series D-2 preferred shares at a price of $40 per share for gross proceeds of $454,507,280, for aggregate gross proceeds of $4,049,070,240 in the transaction.

The series D shares, non-voting series D shares, series D-1 shares, and non-voting series D-1 shares carry cumulative variable dividend rate of 7% during the one-year period starting from the day after the series D original issue date, and ending on the first anniversary of the series D original issue date, 8% during the one-year period starting from the day after the first anniversary of the series D original issue date, and ending on the second anniversary of the series D original issue date, 9% during the one-year period starting from the day after the second anniversary of the series D original issue date, and ending on the third anniversary of the series D original issue date, and 15% for any period after the third anniversary of the series D original issue date. The series D shares, non-voting series D shares, series D-1 shares, and non-voting series D-1 shares are convertible into common shares of the company. The series D-2 shares, and non-voting series D-2 shares are non-convertible.

The series D-2 shares, and non-voting series D-2 shares carry cumulative variable dividend rate equal to the greater of 8.75% per share per annum, and the lesser of 11.75%, and the sum of 675 basis points plus the annualized yield on securities issued by the United States Treasury having a maturity equal to 5 years. The series D-2 shares, and non-voting series D-2 shares are redeemable. The company received $314,336,510 pursuant to exemption provided under Regulation D from 29 investors.