Munich Re said that he had acquired the next insurance, which will be part of the main primary reinsurer, ERGO primary insurance activity.
The agreement in place values the next insurance at 2.6 billion dollars. Ergo already held almost 30% of the actions of the digital insurance company. Munich Re was a first investor in the next insurance.
The fence is planned during the third quarter pending regulatory approvals.
“With the next insurance, we will exploit a very attractive market abroad, unlocking significant growth opportunities while diversifying our existing commercial portfolio,” said Markus Rieß, chief executive officer of Düsseldorf, Germany, Ergo, in a press release. “At the same time, we will work with the next insurance to take advantage of their advanced technology and our technical excellence, contributing to our commitment to sustainable and profitable growth.”
Munich Re said Waits 23.1 billion dollars In Ergo’s general insurance revenues in 2025.
The next insurance is expected to contribute to the profits to a million dollars half-chiffre in the medium term, according to the press release. Businesses have said that small businesses represent 44% of American GDP, but that 75% are undernessly. The market is estimated at $ 175 million, they said.
Sontech then had around 700 employees and serves 600,000 customers – small businesses – using a owner technology and subscription deletion platform to provide coverage including general responsibility, business owners and workers’ remuneration.
Guy Goldstein, CEO of Palo Alto, California, said that the transaction will allow the company to “develop our technology -oriented approach and empower even more small business owners with innovative insurance solutions”.
“With the strength and expertise of Ergo and Munich Re and their well-recognized re / insurance know-how, we are about to carry out the costs to reinvent small business insurance in the United States,” he added in a press release.
Subjects
USA
Trends
Commercial lines
Business insurance
New markets
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