Munich Re and young insurance start-up cut a deal.

In the reinsurance world, Munich Re is a großen hund (big dog); Next Insurance is a Silicon Valley start-up founded and seeded this year by three guys with an idea. What’s the deal? The answer lies in Next’s focus on delivering quick and easy insurance to small businesses in niche markets. The arrangement with Munich Re is specifically designed for commercial photographers because their equipment is brutally expensive. If this foray works, expect to see more deals of this type.

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