Allstate, Allianz invest $265 million in Next Insurance in a big bet on insuretech
Publishing timestamp: 2023-11-01 10:02:36
Summary
Next Insurance has entered a strategic partnership with Allstate and extended its reinsurance relationship with Allianz. Allstate and Allianz have made a $265 million strategic investment in Next Insurance, the largest funding deal in its history and the largest insuretech equity round of 2023. Next Insurance aims to grow in the small business market and the commercial insurance market, which is undergoing digital transformation. The deal with Allstate will focus on developing commercial auto insurance products. Strategic investors are playing a more prominent role in the insuretech funding market, and insuretech funding is expected to be on pace with last year. However, exits through public markets have been minimal. Next Insurance is focused on execution and profitability before considering potential exit options.
Sentiment: POSITIVE
Keywords: start-up, root inc, fintech, business news, allstate corp, venture capital, technology, insurance industry, lemonade inc,
Source: https://www.cnbc.com/2023/11/01/allstate-allianz-invest-265-million-in-next-insurance.html