From Yahoo Finance: 2025-03-20 11:07:00

German reinsurer Munich Re is acquiring the remaining 71% of Next Insurance, a California-based company, for $2.6 billion. Next focuses on insuring U.S. small businesses and has investors such as Allianz, Alphabet, and American Express. The purchase is expected to increase Munich Re’s net results by around $500 million over the medium term.

Ergo, the primary insurance business of Munich Re, will become the sole owner of Next, which was founded in 2016 and currently has around 700 employees and 600,000 customers. The acquisition, which will tap into the U.S. market, is set to close in the third quarter pending regulatory approval.

In a separate deal, a consortium including Allianz, BlackRock, and T&D Holdings are investing in Viridium Group for 3.5 billion euros. Allianz is also exiting a joint venture in India to find a new partner. Recent activities in the insurance industry indicate a trend of strategic investments and partnerships.

Read more: Germany’s Munich Re to buy $2.6 billion Next Insurance