US-based insurtech Next Insurance secured a $250 million Series C funding round, valuing it at north of $1 billion, perReuters. German reinsurance giant Munich Re was the sole investor in the round, increasing its stake in the three-year-old startup to 27.5%. Business Insider Intelligence

Next Insurance, which previously secured funds from a slew of investors including Redpoint Ventures, Nationwide Mutual Insurance, American Express Ventures, and Ribbit Capital, has raised $381 million to date. The startup offers general liability, professional liability, workers' compensation, and other types of coverage for small businesses in partnership with carriers and via a reinsurance deal with Munich Re.

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