Munich Re has increased its stake in Next Insurance Inc. by investing an additional $250 million in the company's series C funding round.
With the newly acquired shares, the German reinsurer now owns approximately 27.5% of the California-based insurtech company. This latest funding round brings Next Insurance's total funding to $381 million in just over three years, with a valuation of more than $1 billion.
Next Insurance provides general liability, professional liability, commercial auto and, as of Oct. 7, workers' compensation coverage to small and medium-sized enterprises in the U.S. market.
The transaction is subject to regulatory approval.
