Munich Re to buy remainder of Next Insurance
- July 18, 2025
- Posted by: Web workers
- Category: Finance
(Reuters) — Munich Re is buying the 71% of Next Insurance that it doesn’t already own, strengthening its foothold in the United States and valuing the California-based company at $2.6 billion, a division of the German company said Thursday.
Ergo, the primary insurance business of reinsurer Munich Re, will become the sole owner of Next, which focuses on insuring U.S. small businesses.
Until now, Next investors have included Allianz, Alphabet and American Express.
“We will tap into a highly attractive market overseas, unlocking significant growth,” Ergo CEO Markus Riess said.
Next was founded in 2016 and now has about 700 employees and 600,000 customers.
Munich Re and Ergo have been investors since 2017.
The acquisition is expected to close in the third quarter pending regulatory approval.
