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Germany's Munich Re to buy $2.6 billion Next Insurance

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

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Munich Re, through its primary insurance division Ergo, is set to acquire the remaining 71% of Next Insurance, valuing the U.S.-based small business insurer at $2.6 billion. This move aims to strengthen Munich Re's presence in the U.S. market. Next Insurance, established in 2016, serves approximately 600,000 customers and employs around 700 people. Munich Re and Ergo have been investors in Next since 2017. The acquisition is anticipated to boost Ergo's net results by a mid three-digit million dollar amount over the medium term, roughly equating to $500 million. The deal is expected to close in the third quarter, pending regulatory approval. 

Read the full article on Reuters.

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