Germany's Munich Re to buy $2.6 billion Next Insurance
FRANKFURT (Reuters) -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. 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, Alphabet and American Express.