Allianz X Invests in NEXT Insurance's USD 265 Million Financing Round

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"Small businesses are fundamental to every economy," said Nazim Cetin, CEO of Allianz X. "NEXT 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."

With more than 33 million small businesses in the U.S., NEXT is committed to serving one of the largest segments of the U.S. economy. Its nearly half a million customers across the U.S. rely on NEXT for its easy-to-use online platform, time-saving resources, and coverage for essential small business needs, such as General Liability, Commercial Property, Workers' Compensation, and more.

"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," said Guy Goldstein, CEO and co-founder of NEXT Insurance. "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."

Allianz X is known for its investments in mature digital growth companies operating in ecosystems relevant to insurance and asset management. It led the two largest U.S. insurtech rounds last year, Pie Insurance (USD 315 millionoalition (USD 250 million). The investment in and partnership with NEXT is a testament to Allianz X's confidence in the company's future and an addition to Allianz X's U.S. investment platform of insurtechs providing property and casualty solutions to SMEs.

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Allianz SE published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 11:37:46 UTC.