Next Insurance gets scooped up by Munich Re for $2.6B

Germany’s Munich Ray has signed a specific agreement to achieve the digital insurance company Next insurance $ 2.6 billion, companies Declaration Thursday.

Established in 20 2016, Palo Alto -based insurance focuses on small to medium -sized businesses towards insurance supply. When it was raised at the end of 2023 it was worth $ 2.5 billion $ 265 millionThe

Supporters of the next insurance include Group 11, Olystet, Allianz X, Battery Ventures, Capital G, Redpoint Ventures, Nationwide, Amex Ventures, Ribit Capital and others. The company has collected about $ 1.2 billion in its lifetime, According to the crunchThe

Like many fintecs, the evaluation of the subsequent insurance has hit in recent years. Startup was valuable $ 4 billion In 2021. However, it later said that it produced “top $ 548 million” in 2021, has more than 600,000 customers and appointed about 700 people.

With acquisition, the next insurance will become part of the Ergo unit of Munich Ray’s. The contract is expected to be closed in the third quarter of 2025, subject to regulatory approval and formal conditions.

Investor Group has confirmed the acquisition of 11 TechCranch, noting that it has been investor in Insurtat since 2017, invested in follow-on rounds in 2018, 2019 and 2020.

Munich Ray is buying 71% of the next insurance shares that are not already owned, according to GlobesThe