Next Insurance gets scooped up by Munich Re for $2.6B

Germany’s Munich Re has signed a definitive agreement to acquire digital insurance company Next Insurance for $2.6 billion, the firms announced on Thursday.

Founded in 2016, Palo Alto-based Next Insurance is focused on providing insurance to small-to-medium-sized businesses. It was last valued at $2.5 billion in late 2023 when it raised $265 million.

Next Insurance’s backers include Group 11, Allstate, Allianz X, Battery Ventures, Capital G, Redpoint Ventures, Nationwide, Amex Ventures, Ribbit Capital, and others. The company has raised…