Germany’s Munich Re has really approved a clear-cut association to get digital insurance coverage supplier Next Insurance for $2.6 billion, the businesses announced on Thursday.
Established in 2016, Palo Alto-based Subsequent Insurance coverage coverage is focused on giving insurance coverage coverage to small-to-medium-sized firms. It was final valued at $2.5 billion in late 2023 when it elevated $265 million.
Following Insurance coverage coverage’s backers include Group 11, Allstate, Allianz X, Battery Ventures, Funding G, Redpoint Ventures, Nationwide, Amex Ventures, Ribbit Funding, and others. The enterprise has really elevated nearly $1.2 billion in its life time, according to Crunchbase.
Like a number of fintechs, Following Insurance coverage coverage’s analysis has really taken successful in the previous couple of years. The beginning-up was valued at $4 billion in 2021. However, Following claims it produced “a number one line of $548 million” in 2024, has larger than 600,000 shoppers, and makes use of about 700 people.
With the procurement, Following Insurance coverage coverage will definitely enter into Munich Re’s Ergo system. The supply is anticipated to surround the third quarter of 2025, based mostly on regulative authorizations and regular issues.
Capitalist Group 11 validated the procurement to TechCrunch, retaining in thoughts that it has really been a capitalist within the insurtech contemplating that 2017, buying follow-on rounds in 2018, 2019, and 2020.
Munich Re is buying the 71% of Following Insurance coverage coverage shares that it doesn’t at present very personal, in keeping with Globes.
