Next Insurance Raises USD 250m from Munich Re
Next Insurance, a digital insurance company that focuses on small businesses, in October 2019 raised USD 250m from Munich Re. The Palo Alto, California-based, 3-year old startup became a licensed insurance carrier, shedding its brokerage business model, in August 2018.
The capital raise will fund the development of new products and of customer initiatives.
Next Insurance offers a wide range of insurance products, including including general liability; professional liability; commercial auto; and workers’ compensation to approximately 70,000 customers in the U.S., the only market where it currently operates.
Munich Re’s stated purpose is to grow in U.S. SMEs, a market reinsurers cannot address themselves. Munich Re alone funded Next Insurance’s current Series C round, valuing the company at more than $1 billion, according to a press release. Next had previously raised USD 130m for a total of approximately USD 380m.