Ergo, the core insurance business of reinsurer Munich Re, will reportedly become the sole owner of Next, which focuses on small business insurance in the US.
So far, Next's investors have been Allianz, Alphabet , and American Express.
This is the latest in a series of deals involving German insurance companies.
“We will enter a very attractive foreign market, ensuring significant growth,” said Ergo CEO Markus Riess.
Next was founded in 2016 and now has about 700 employees and 600,000 customers.
Munich Re and Ergo have been investors since 2017.
Source: Reuters
