Next Insurance, a US-based insurance product selling start-up, raised $250 million with the help of one of the world’s largest reinsurers, Munich Re, which alone funded the latest Series C funding round, both of the companies declared.
Next Insurance has raised a total of $381 million till date at a total valuation of over $1 billion during its three years journey. According to the Co-founder and CEO of the company, Guy Goldstein, the firm will use the raised fund in the expansion of its customer initiatives and to bring new products into the market.
The CEO also mentioned about the wide-range of insurance coverage including professional liability, general liability and commercial auto which the company offers to over 1,000 different types of business with over 70,000 customers. Currently, the company operates in the US market only. The three mentioned products cover the accidents encountered at work along with physical injury and property damage, protects businessmen from the blame of professional mistakes, and settles for the damage made by or to any business vehicle.
Guy states, “Next Insurance aims to become a one-stop insurance shop for micro and small business insurance needs. Its insurance plans and products are designed to cater the business sectors that are often overlooked by more general insurers.”
For Munich Re, this investment has offered an opportunity to expand its business in the market of small and medium-sized corporates in US. The Chairman of the Board of Management at Munich Re, Joachim Wenning has stated, “Next Insurance will benefit from our expertise in primary insurance and reinsurance. This investment emphasizes Munich Re’s commitment to be the leading provider of digital insurance solutions.”