Washington, DC – October 15, 2019 – Cooley advised Munich Re on its $250 million equity financing in Next Insurance. The transaction, which is subject to regulatory approval, brings Next Insurance’s valuation to more than $1 billion. Cooley lawyers Derek Colla, Mike McGrail, Heidi Lawson, Tanisha James and Chris Kimball led the team advising Munich Re on the investment.
Next Insurance is a leading digital insurance company for small-business owners. Together with Munich Re, the companies plan to leverage their partnership to tap the potential of digital insurance solutions for small- and medium-sized enterprises in the US.
“Next’s data- and technology-driven business model offers outstanding growth opportunities, which we will harness together,” said Joachim Wenning, chairman of Munich Re, in a statement. “This investment emphasizes Munich Re’s commitment to be the leading provider of digital insurance solutions.”
Founded in 1880, Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Its tailor-made solutions and close proximity to its customers make it one of the world’s most sought-after risk partners for businesses, institutions and private individuals.
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