TEL AVIV (Reuters) - Next Insurance, a provider of digital insurance products to small U.S. businesses, said on Monday it raised $250 million in funding from German reinsurer Munich Re (MUVGn.DE). The funds will enable new product development and customer expansion initiatives. The investment round brings Next Insurance’s total funding to $381 million in just over three years, with a valuation of over $1 billion. Palo Alto-based Next Insurance provides digital small business insurance including general liability, professional liability, commercial auto and workers’ compensation coverage. The company was founded by three Israelis and has a research and development center in Israel. Reporting by Tova Cohen; Editing by Steven Scheer
California insurtech Next Insurance is to embark on product development and customer expansion initiatives after securing $250m in funding from German reinsurer Munich Re. The company will use the money for a new insurance platform that it hopes will be able to offer more comprehensive coverage than existing offerings.