Overview of Transaction

• On October 7, 2019, Next Insurance announced that it has raised $250 million in its Series C funding round from Munich Re
• Founded in 2016 and headquartered in Palo Alto, CA, Next Insurance is the leading digital insurance company for small businesses
• Revolutionizing traditional insurance processes, Next Insurance utilizes advanced technology to offer the industry’s most innovative small business insurance policies
• Munich Re is one of the world’s leading providers of reinsurance, primary insurance, and insurance-related risk solutions
• In May 2018, Next Insurance announced its status as a licensed insurance carrier, allowing the Company to write policies independently, as well as to have more freedom over underwriting, setting of prices, and configuration of policies

Significance of Transaction

• The Series C round brings Next Insurance’s total funding to $381 million in just over three years, with a valuation of over $1 billion
• The new funds will continue to help Next Insurance grow its team, develop its technology, and accelerate customer growth
• Additionally, the investment allows Munich Re to expand its footprint in the small and medium-sized business insurance market in the United States

FT Partners' Role

• FT Partners served as exclusive strategic and financial advisor to Next Insurance and its Board of Directors
• FT Partners also advised Next Insurance on its $83 million Series B financing in 2018
• This transaction underscores the long-term nature of many of FT Partners’ relationships as well as our successful track record generating highly favorable outcomes for leading InsurTech companies