Munich Re invests US$ 250m in US start-up Next Insurance

Normal view (turn off text only mode)
You are here:

Search Press Releases

You have access to the database of Munich Re press releases since 2004. To find information quickly, you can choose from among the following search options:

Business segment
Year

You are looking for all press releases in a given year? Please choose the year in question and leave the searchterm empty.

7 October 2019 | Group

Media Information

Munich Re invests US$ 250m in US start-up Next Insurance

  • Strategic investment: Munich Re purchases additional Next Insurance shares – taking 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 USA

“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. 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 United States. We are confident that building on our proven collaboration will benefit both Munich Re and Next Insurance.”

Joachim Wenning, Chairman of the Board of Management

Munich Re increases its stake in Next Insurance by investing an additional US$ 250m in the Californian Start-up. Upon completion of the transaction, Next’s value will increase to slightly above US$ 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. With the newly acquired shares, Munich Re now owns around ~27.5% of the company.

Next Insurance is a Californian start-up offering tailored, digital insurance solutions to small and medium-sized enterprises (SMEs) in the US market. A premium volume of US$ 139bn makes the US insurance market for SMEs very appealing.

As always, the transaction is subject to approval by the regulatory authorities.


For media inquiries please contact:

Group Media Relations:
Jörg Allgäuer
Tel.: +49 89 3891-8202
Mobile: +49 171 8384838
jallgaeuer@munichre.com

Media Relations North America:
Jodi Dorman
Tel.: +1 609 243-4533
Mobile: +1 908 391-2427
jdorman@munichreamerica.com

Media Relations Asia-Pacific:
Faith Thoms
Tel.: +65 63180762
Mobile: +65 83390125
fthoms@munichre.com


Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2017 Atlantic hurricane season and to the California wildfires in 2018. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.


Disclaimer
This media release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to make them conform to future events or developments.


Munich, 7 October 2019

Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München
Media Relations
Königinstraße 107
80802 München


Main Navigation
Service Men
Accessibility

Note


This publication is available exclusively to Munich Re clients. Please contact your Client Manager.