Lockton vs Pie Insurance: How Do They Compare for Workers’ Compensation Insurance?

Lockton, a broker, offers 100-plus markets, benchmarking and dedicated programs; Pie Insurance underwrites small-business workers' comp itself and quotes online from payroll and class codes.

Pie underwrites workers' compensation through its own carrier group, rated A- (Excellent) by AM Best. Lockton instead brokers the line, listing named specialty programs such as captive consulting and self-insurance design rather than underwriting it. ^3,¹

What Are the Key Differences Between Lockton and Pie Insurance Workers’ Compensation Insurance?

Who Carries the Risk

Pie carries the risk itself through its own carrier group instead of placing the line with outside insurers.

AM Best's disclosure report says Pie completed acquiring Pie Casualty Insurance Company in September 2021 and The Pie Insurance Company (formerly The American Insurance Company) in January 2023, and that beginning January 1, 2024, Pie writes 100% of its workers' compensation business through these two entities, part of the pooled Rating Unit 018981 Pie Insurance Group. AM Best affirmed Pie Casualty Insurance Company's Financial Strength Rating at A- (Excellent) and Long-Term Issuer Credit Rating at a- (Excellent), both with a stable outlook, effective April 24, 2026. ³Verified. AM Best rating disclosure report (AMB #012272, NAIC #10997) for Pie Casualty Insurance Company; a rating is an opinion of insurer financial strength, not a guarantee a claim will be paid, and reflects the pooled group rather than a standalone assessment of either entity.

Lockton takes the broker's role instead, saying it designs and places programs through outside markets and describing itself explicitly as the broker rather than the insurer of record. ¹

Standard Quote Versus Specialty Program Design

Pie advertises a roughly three-minute online quote using payroll and an automated class-code tool. ² Lockton instead describes named specialty capabilities for larger or more complex risks: captive consulting and formation, Texas non-subscription, and Jones Act/USL&H programs for maritime exposures. ¹

What Should You Confirm in Lockton and Pie Insurance Workers’ Compensation Insurance Quotes?

Confirm Pie's current AM Best rating and effective date directly, since ratings can change after the reviewed report. ³
Ask Lockton which insurers it would access for your program, since its page describes market access broadly rather than naming carriers. ¹
If your business needs a self-insurance or captive structure, ask whether Pie's standard policy offers a comparable alternative. ¹
Ask about the post-term premium audit Pie describes and whether Lockton's placement includes a similar true-up. ²

Lockton vs Pie Insurance Workers’ Compensation Insurance Compared

Lockton vs Pie Insurance: Workers’ Compensation Insurance: documented features by provider

Criteria	Lockton Workers' Compensation Insurance Brokerage	Pie Workers' Comp Insurance
Coverage Features	Lockton lists specialty workers' compensation capabilities: alternative risk expertise including captive consulting and formation, Texas non-subscription consulting, Jones Act/Outer Continental Shelf/USL&H programs for maritime and offshore exposures, trucking solutions including occupational accident programs, and qualified self-insurance consulting, implementation, administration, design and placement. ¹Company-reported. Workers' Compensation product page as read 2026-09-23. A capability list, not a specimen policy.	Pie describes workers' compensation as a state-mandated program providing medical, disability (typically two-thirds wage replacement), and death benefits for employees injured or killed on the job, while excluding injuries suffered off the job, self-inflicted injuries, policy violations, and injuries from committing a crime. ²Company-reported. Workers' Comp product page as read on 2026-09-23; actual covered/excluded scenarios depend on the issued policy and state law.
Role in This Line	Lockton's workers' compensation team designs programs and analyzes their effectiveness through what it calls a strategic claims mitigation process; the team includes actuaries, claims advisors and safety specialists working alongside brokers. Lockton is the broker, not the insurer of record. ¹Company-reported. Workers' Compensation product page as read 2026-09-23.	Pie underwrites workers' compensation itself through its own carrier group, rather than only brokering the line to outside insurers as it does for several of its other small-business products. ²Company-reported. Workers' Comp product page as read on 2026-09-23; restates the provider record's verified insurer-route fact.
Risk Services	Lockton says clients can access more than 100 regional, global and program workers' compensation markets, and it offers benchmarking through its InfoLock service. ¹Company-reported. Workers' Compensation product page as read 2026-09-23. Lockton says it offers a full suite of safety services designed to reduce loss costs, OSHA consulting, loss forecasting and probability analysis, and claims service advocates to help ensure coverage and reduce retained loss costs. ¹Company-reported. Workers' Compensation product page as read 2026-09-23.	Pie says it can issue a Certificate of Insurance to show proof of workers' comp coverage, which it notes some industries, such as construction, require before work can begin, and that it performs a post-term premium audit comparing estimated to actual payroll. ²Company-reported. Workers' Comp product page FAQ as read on 2026-09-23.

Criteria

Lockton Workers' Compensation Insurance Brokerage

Pie Workers' Comp Insurance

Coverage Features

Lockton lists specialty workers' compensation capabilities: alternative risk expertise including captive consulting and formation, Texas non-subscription consulting, Jones Act/Outer Continental Shelf/USL&H programs for maritime and offshore exposures, trucking solutions including occupational accident programs, and qualified self-insurance consulting, implementation, administration, design and placement. ¹Company-reported. Workers' Compensation product page as read 2026-09-23. A capability list, not a specimen policy.

Pie describes workers' compensation as a state-mandated program providing medical, disability (typically two-thirds wage replacement), and death benefits for employees injured or killed on the job, while excluding injuries suffered off the job, self-inflicted injuries, policy violations, and injuries from committing a crime. ²Company-reported. Workers' Comp product page as read on 2026-09-23; actual covered/excluded scenarios depend on the issued policy and state law.

Role in This Line

Lockton's workers' compensation team designs programs and analyzes their effectiveness through what it calls a strategic claims mitigation process; the team includes actuaries, claims advisors and safety specialists working alongside brokers. Lockton is the broker, not the insurer of record. ¹Company-reported. Workers' Compensation product page as read 2026-09-23.

Pie underwrites workers' compensation itself through its own carrier group, rather than only brokering the line to outside insurers as it does for several of its other small-business products. ²Company-reported. Workers' Comp product page as read on 2026-09-23; restates the provider record's verified insurer-route fact.

Risk Services

Lockton says clients can access more than 100 regional, global and program workers' compensation markets, and it offers benchmarking through its InfoLock service. ¹Company-reported. Workers' Compensation product page as read 2026-09-23.

Lockton says it offers a full suite of safety services designed to reduce loss costs, OSHA consulting, loss forecasting and probability analysis, and claims service advocates to help ensure coverage and reduce retained loss costs. ¹Company-reported. Workers' Compensation product page as read 2026-09-23.

Pie says it can issue a Certificate of Insurance to show proof of workers' comp coverage, which it notes some industries, such as construction, require before work can begin, and that it performs a post-term premium audit comparing estimated to actual payroll. ²Company-reported. Workers' Comp product page FAQ as read on 2026-09-23.