Germany's Munich Re to buy 71% of Next Insurance, valuing it at $2.6 billion

Reuters03-20

FRANKFURT, March 20 (Reuters) - Munich Re MUVGn.DE is buying the 71% of Next Insurance that it doesn't already own, valuing the California-based company at $2.6 billion and strengthening its foothold in the United States, a division of the German company announced on Thursday.

Ergo, the primary insurance business of reinsurer Munich Re, will become the sole owner of Next, which is focused on insuring U.S. small businesses.

Until now, Next investors have included Allianz ALVG.DE, Alphabet GOOGL.O and American Express AXP.N.

It is the latest in a spate of deals affecting German insurance companies.

(Reporting by Tom Sims, Editing by Miranda Murray)

((Tom.Sims@thomsonreuters.com; +49 30 220 133 645;))

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