Latest news with #ERGOGroup
Yahoo
02-07-2025
- Business
- Yahoo
ERGO concludes acquisition of NEXT Insurance
ERGO Group, a part of Munich Re, has completed its acquisition of NEXT Insurance, a move that sees the full integration of the US-based property and casualty insurer into its operations. NEXT Insurance, established in 2016, specialises in digital insurance solutions tailored for small business owners in the US. The company has reported a top line of $548m in 2024 and currently serves over 600,000 customers with a workforce of around 700 employees. NEXT Insurance's offerings, which include general liability and workers' compensation, are delivered through a digital platform. The acquisition process began with the signing of a definitive agreement in March 2025, which placed the valuation of NEXT Insurance at $2.6bn for the entirety of its shares. Prior to the transaction, ERGO held a 29% stake in NEXT Insurance. With the completion of the transaction, which met all required conditions including regulatory approvals, NEXT Insurance becomes an integral part of ERGO's management structure. This acquisition marks its entry into the US insurance market, targeting the small and medium-sized business segment. The transaction is expected to be mutually beneficial, with NEXT Insurance's proprietary technology stack and its digital, automated underwriting and pricing platform complementing ERGO's business operations. Conversely, ERGO's expertise in insurance is anticipated to support the continued growth of NEXT Insurance. ERGO Group CEO Markus Rieß said: 'Today's transaction closing represents an important milestone in establishing ourselves as a relevant insurance provider in the USA. Together with NEXT Insurance, we will seize the considerable growth potential offered by this attractive market as we expand our existing business portfolio. 'Through the combination of NEXT Insurance's technologically driven, successful market approach and ERGO's insurance expertise, we will deliver profitable growth and added value for all our stakeholders.' This acquisition follows ERGO Group's recent consolidation of its travel and health insurance businesses in Denmark and Norway, respectively, into a single entity. "ERGO concludes acquisition of NEXT Insurance " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-06-2025
- Business
- Yahoo
ERGO completes merger of Nordic insurance operations
ERGO Group, part of Munich Re, has concluded the merger of its Danish travel insurance company, Europæiske Rejseforsikring, and its Norwegian health insurance business, ERGO Forsikring, into a single entity. The combined entity will operate under the brand name ERGO Forsikring, marking a consolidation of ERGO's activities in the Nordic insurance market. The merger will unify the product offerings and market presence of the two entities, providing healthcare and travel insurance to both corporate and individual clients in Denmark, Norway and Sweden. The integration is expected to yield joint distribution networks, enhance business relationships and improve market access in the Nordic region. ERGO Forsikring CEO Ronald Kraule said: 'With ERGO Forsikring A/S as a genuine pan-Nordic insurance player, we will strengthen our position in every local market, providing innovative, simple and tailored solutions to meet the evolving needs of our customers. 'As we bring together our respective expertise in the health and travel segments, underpinned by consequent digitalisation, we will act as a one-stop shop for holistic insurance coverage. With this new setup, we will enhance our service offerings and deliver significant added value for our customers and partners.' In March, Munich Re announced the acquisition of NEXT Insurance at a valuation of $2.6bn (€2.22bn). Upon completion of this transaction, NEXT Insurance will become a part of the ERGO Group portfolio. "ERGO completes merger of Nordic insurance operations " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
