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9th October 2019
Munich Re invests further $250m in US start-up Next Insurance
Munich Re has invested $250m in US start-up Next Insurance.
The strategic investment takes its overall holding in the Californian start-up to around 27.5%. Together the companies will tap the business potential of digital insurance solutions for small and medium-sized enterprises in the US.
“Next’s data and technology-driven business model offers outstanding growth opportunities, which Munich Re says they will harness together. Next Insurance will benefit from the reinsurer's expertise in primary insurance and reinsurance. Munich Re said this investment emphasises Munich Re’s commitment to be the leading provider of digital insurance solutions. It also helps Munich Re expand its footprint in the promising insurance market for small and medium-sized commercial customers in the US."We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance,"said Joachim Wenning, chairman of the Board of Management.
Upon completion of the transaction, Next’s value will increase to slightly above $1bn.
This investment deepens Munich Re’s partnership with Next Insurance. Digital Partners, a Munich Re business unit, has worked closely with the start-up since 2016, supplying services and assuming risk. Munich Re has also held shares in Next Insurance through its Munich Re Ventures unit for some time.
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