Next Insurance, the digital insurtech firm backed by Munich Re, has reported that its annual gross written premiums grew by more than three times over in 2019, bringing the company’s annual premium run rate to over $100 million.
The firm also announced that it has been granted approval by the State of New York to offer General Liability and Workers’ Compensation through its digital platform.
Next Insurance recently reached a valuation of more than $1 billion following the announcement of its Series C funding round, in which the company raised $250 million from Munich Re. This brought the total amount of funds raised to $381 million.
“In 2019, Next Insurance focused on delivering the best insurance solution to our customers, turning the company into a one-stop, fully digital experience. We also continued our growth, tripling our business,” said Guy Goldstein, CEO and co-founder of Next Insurance.
“Our national presence has also accelerated significantly as we are now licensed to sell insurance in every state, and we’ve made a number of key executive hires that will help us continue to drive the company forward,” Goldstein continued.
“We are excited for what’s to come as we continue to build Next Insurance into the best insurance solution for all small businesses.”
Over the year, Next Insurance also expanded its policy offering over 1,300 different types of business, including general contractors, fitness professionals, cleaners, entertainers, teachers, and beauty professionals.
As of February 2020, Next Insurance is now licensed as a carrier in 28 states (up from 15 at the beginning of 2019) and aims to soon become a carrier in all 50 states.