Neither side disclosed financial terms. The close of the transaction is subject to customary closing conditions.
Through its platform, AP Intego offers property/casualty insurance including pay-as-you-go workers’ compensation to the small business customers of payroll processors and other affinity partners including Intuit (Quickbooks), Gusto, Square and Toast. The company also offers an online customer dashboard to its more than 75,000 active customers. AP Intego said it places $200 million in premium with more than a dozen insurance carriers in 50 states.
As part of the agreement, AP Intego will retain its partnerships with its insurance carriers. Next Insurance said it will offer its products on AP Intego’s platform alongside those of other carriers, giving AP Intego’s partners and customers additional coverage and pricing options.
Next Insurance offers general liability, professional liability, commercial liability and workers’ compensation. New products are planned in 2021 for small businesses in areas including accounting, construction, fitness, retail and more, the company said last fall.
“The combination of AP Intego’s experience in insurance product distribution through partners and pay-as-you-go infrastructure combined with our approach to digital customized coverage, will provide more customers with seamless access to innovative insurance products,” said Guy Goldstein, CEO and co-founder of Next Insurance.
Next also offers Live Certificate, a real-time certificate of insurance verification, plus an online portal where policyholders can manage their insurance.
California-based Next Insurance has raised $500 million in venture capital over the last 16 months and acquired a Denver data and underwriting technology company, Juniper Labs, last December. With that acquisition, Next said it would focus on improving its workers’ compensation and general liability product offerings. Next expanded its workers’ compensation offering to 30 states last October.
AP Intego is Next’s first insurance distribution acquisition and brings its small business customers to over 200,000.
AP Intego employs 160 people around Waltham, Massachusetts, Rochester, New York and other parts of the U.S., bringing Next Insurance’s headcount to nearly 600 across four offices.
Source: Carrier Management
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