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Munich Re invests $250m in Next Insurance

Munich Re invests $250m in Next Insurance

Next Insurance, a US digital insurance startup focused on small businesses, has joined the unicorn club after securing a $250 million investment from German reinsurer Munich Re.

The investment means that Munich Re holds a 27.5% stake in Next Insurance, which is now worth just over $1 billion.

Palo Alto-based Next Insurance launched three years ago, providing SMEs with a host of tailored insurance products through its online platform.

The startup, which has already amassed a customer-base of over 100,000 firms, says it will use the new funding to build new products and expand customer initiatives.

Joachim Wenning, chairman, board of management, Munich Re, says: "Next’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together. Next Insurance will benefit from our expertise in primary insurance and reinsurance."

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