![]() ![]() “Our national presence has also accelerated significantly as we are now licensed to sell insurance in every state, and we’ve made a number of key executive hires that will help us continue to drive the company forward,” Goldstein continued. We also continued our growth, tripling our business,” said Guy Goldstein, CEO and co-founder of Next Insurance. Were disrupting the antiquated business insurance model, and passing up to 30. Our business insurance gives you the confidence to take smart risks with your business. Next Insurance is 100 dedicated to small businesses and the self-employed. “In 2019, Next Insurance focused on delivering the best insurance solution to our customers, turning the company into a one-stop, fully digital experience. NEXT is 100 dedicated to small business & the self-employeed. This brought the total amount of funds raised to $381 million. Next Insurance recently reached a valuation of more than $1 billion following the announcement of its Series C funding round, in which the company raised $250 million from Munich Re. The firm also announced that it has been granted approval by the State of New York to offer General Liability and Workers’ Compensation through its digital platform. Next Insurance, the digital insurtech firm backed by Munich Re, has reported that its annual gross written premiums grew by more than three times over in 2019, bringing the company’s annual premium run rate to over $100 million. Top Global Insurance & Reinsurance Brokers.Digital Partners, a Munich Re business unit, has worked closely with. This investment deepens Munich Re’s partnership with Next Insurance. Upon completion of the transaction, Next’s value will increase to slightly above US 1bn. Reinsurance mergers & acquisitions (M&A) Munich Re increases its stake in Next Insurance by investing an additional US 250m in the Californian Start-up. ![]() “We’re always evaluating our options, but right now, the main focus remains on growing the business,” Goldstein responded. Per an email from CEO Guy Goldstein, the doubling metrics regarding GWP was “in relation to that 2020 figure and before the AP Intego acquisition.” So, we can presume that the firm is now well north of the $200 million GWP run rate that it had previously cited.įinally, TechCrunch asked the company about the SPAC boom and if it intended to avoid that rapid path to the public markets. To clarify the numbers, TechCrunch reached out to Next Insurance for detail on when it doubled its GWP, and when the AP Intego deal started to count toward its numbers. So, larger than that by a few months’ growth, exclusive of the AP Intego business, which had around $185 million in active premium around the time its deal with Next Insurance was announced. And it reached a $200 million GWP run rate in February of this year. Just how big is Next today? It reached a GWP run rate of $100 million back in February of 2020. That makes its valuation doubling seem somewhat reasonable - if private investors were willing to pay for its shares at a certain GWP multiple, why not re-up at double the price and double the GWP while the company continues to scale? Next says its GWP doubled in the half-year after its last round. And there’s reason to believe that their enthusiasm is not misplaced, despite some chop in Next’s broader market. How to parse the mix will depend on one’s perspective.įor Next Insurance’s backers, however, it’s all systems go. Inside those numbers you can find optimism, and some lackluster trading results. Hippo, which focuses on home insurance, intends to list via a SPAC itself at a $5 billion valuation. MetroMile, another neo-insurance company focused on automotive that went public via a SPAC-led combination, has been slightly uneven since starting to trade. The car insurance tech startup has struggled since its debut, losing value and attracting lawsuits despite besting investor growth expectations. Since Lemonade’s debut, we’ve seen Root Insurance go public as well. ![]() Some air has come out of Lemonade’s share price, the rental-insurance unicorn being an early public debut for the broader tech-enabled, neo-insurance niche. Next Insurance’s new round and new valuation come at an interesting time for the insurtech space more broadly. Put together, Next’s bet is that its ability to price coverage across different categories and industries will allow it to scale its gross written premium (GWP) quickly by attracting myriad small businesses, and upselling them to other products over time. Think fitness companies, or construction concerns. Next sells small-business coverage across a number of categories (workers’ comp, commercial auto, general liability, etc.) for different classes of workers. This funding also comes after Next Insurance acquired Juniper Labs in December, and AP Intego more recently. The company last raised another $250 million in September 2020, at a valuation of $2 billion. Next Insurance recently announced that it has raised a $250 million round, valuing the SMB-focused insurance provider at $4 billion. ![]()
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