Munich Re's Ergo completes $2.6 billion acquisition of Next Insurance
By Mia MacGregor
July 1 - (The Insurer) - Munich Re's Ergo Group said on Tuesday that it has completed the acquisition of Next Insurance in a $2.6 billion transaction.
Next Insurance will now be integrated into the management structure of Ergo, Munich Re's primary insurance business.
Founded in 2016, Next Insurance is a technology-focused property and casualty insurer based in Palo Alto, California, providing digital insurance solutions to U.S. small business owners. The company currently serves over 600,000 customers and employs around 700 people.
This acquisition enables Ergo to enter the U.S. market, specifically targeting small and medium-sized businesses. Next Insurance's digital and automated underwriting platform will enhance Ergo's business capabilities, according to Ergo.
The transaction, originally announced on March 20, was valued at $2.6 billion for the entirety of Next Insurance's shares.
Prior to this acquisition, Ergo held approximately 29% of Next Insurance's share capital.
Commenting on the deal, Ergo CEO Markus Riess said, “Today’s transaction closing represents an important milestone in establishing ourselves as a relevant insurance provider in the USA. Together with Next Insurance, we will seize the considerable growth potential offered by this attractive market as we expand our existing business portfolio."
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