Munich Re has signed a definitive agreement to acquire Next Insurance for $2.6 billion. Founded in 2016, the Palo Alto-based company specializes in insurance for small to medium-sized businesses and boasts over 600,000 customers. Despite facing valuation challenges in recent years, Next Insurance reported a revenue of $548 million in 2024. The acquisition will see Munich Re purchase the remaining 71% of shares it does not already own, with the deal expected to close in Q3 2025, pending regulatory approval.