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Munich RE is sealing off transactions to get their next insurance in a transaction that values the startup’s stock at around 2.5 billion euros, people familiar with the issue said.
Cash transactions conducted through Munich’s Ergo subsidiary are the latest in a series of moves towards consolidating the insurance sector. The deal could be announced imminently, people said.
The German company has been acquiring stakes in a California-based startup since 2017. It’s currently 29%.
The following insurance provides coverage to small and medium-sized businesses and is supported by several venture capital companies and insurance companies. According to the Data Provider Pitchbook, the company has raised over $1 billion since its establishment in 2016 and is valued at $2023 billion in 2023.
Munich Lee declined to comment. The following insurance did not respond immediately to requests for comment.
This is a developing story
