Israeli digital insurance company WeSure Global Tech has received NIS 35 million from US insurance company AmTrust Financial Services.
According to a report from Globes, under the terms of the investment and collaboration agreement, Am Trust Financial will invest 35.6 million in WeSure shared as a loan convertible to shares.
AmTrust Group is a multinational insurance holdings company headquartered in New York. The Group specialises in property insurance and business liability including employees’ compensation, business owners’ policies, and product and services liability.
The repayment date of the loan has been fixed up to ten years and the conversion to shares could be undertaken in various circumstances, including automotive conversion in the event that the WeSure share price will be at least NIS 6.30 (the price as which the deal was closed) for 14 consecutive trading days.
Last year, Global reported that WeSure filed to raise NIS 100m for an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE).
WeSure was founded by chairman Emil Vainshel, who holds a 71.5% stake and CEO Nitzan Zeir Harim, who holds a 17.9% stake, and who have been joined by former police chief Yohanan Danino (2.9%).
At the time, the company said, “To raise capital in order to speed up the Group’s business development plan as part of which it will expand areas of activity and the market share of the company in Israel as well as prepare for entry into US and European operations in the coming years.â€
The company’s last financing round was in 2018, when it raised money at a valuation of NIS 114 million.
InsurTech Zywave recently acquired Ohio-based Strategic Insurance Software (SIS), a provider of web-based agency management systems (AMS) and customer relationship management (CRM) solutions for property & casualty insurance agencies.
Also earlier this year, Agentero, the digital insurance network, partnered with Stillwater Insurance.
Luis Pino, CEO of Agentero, said, “We have always been committed to enabling the agent distribution channel by connecting agents to tech-forward insurers – whether they are new digital players or national brands that have embraced technology.
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