Next Insurance raises $250 million from Munich Re

TEL AVIV (Reuters) - Next Insurance, a provider of digital insurance products to small U.S. businesses, said on Monday it raised $250 million in funding from German reinsurer Munich Re MUVGn.DE.

The funds will enable new product development and customer expansion initiatives.

The investment round brings Next Insurance’s total funding to $381 million in just over three years, with a valuation of over $1 billion.

Palo Alto-based Next Insurance provides digital small business insurance including general liability, professional liability, commercial auto and workers’ compensation coverage.

The company was founded by three Israelis and has a research and development center in Israel.

Reporting by Tova Cohen; Editing by Steven Scheer