Next Insurance raises $265 million

Next Insurance announced its strategic partnership with Allstate that will combine the companies’ expertise in small business insurance to develop and offer “innovative and unique new products to a large underserved market,” as well as a commitment to deepening its reinsurance relationship with Allianz. The partnerships come with a $265 million strategic investment from Allstate and Allianz X.

As part of the partnership, Next will provide its products to Allstate customers and the companies will co-develop commercial auto products.

The deal with Allianz Re bolsters Next’s reinsurance relationship with a multi-year commitment.

This latest round brings Next’s total funding to $1.1 billion.

“We founded Next because we saw an opportunity to help millions of small and microbusinesses across the U.S. and made it our mission to help entrepreneurs thrive. Building on our existing support, we are excited to welcome Allianz X and Allstate as investors, deepen our reinsurance relationship with Allianz Re, and foster a meaningful partnership with Allstate to offer millions of their customers our one-stop-shop small business insurance offering.” – Guy Goldstein, CEO and co-founder of Next Insurance.

“Combining Allstate’s operational expertise, broad distribution network and strong brand awareness with Next’s capabilities will help Next’s unique platform bring new, innovative products to existing Allstate customers and the millions of underserved small businesses that want affordable, simple and connected protection. Together, we will meet the full insurance needs of small businesses, delivered on the platform of the future.” – Mario Rizzo, president of Property-Liability at Allstate Insurance.

“Small businesses are fundamental to every economy. Next Insurance understands the needs of this group deeply, and it has developed cutting-edge technology to address their common pain points. With Allianz’ deep expertise in this sector and Next’s technology, we can further our joint goal of giving customers the courage and security to take on the future with confidence.” – Dr. Nazim Cetin, CEO of Allianz X.