Emil Vainshel, Chairman and Founder of wesure
wesure Global Tech has completed the move to acquire the American insurance company UBIC – Utah Business Insurance Company. The company signed a binding agreement to acquire control of the insurance company, which operates in the US in the workers’ compensation insurance line within commercial general insurance. This is mandatory insurance for employers in the US, providing medical benefits and wage loss compensation to employees injured or fallen ill due to their work.
The agreement includes a transaction under which wesure will also acquire the company URS – Universal Risk Services, a sister company of UBIC that also operates from the state of Utah, US, and provides claims management services to UBIC. In exchange for control of the companies, wesure will pay 903 thousand dollars.
In wesure’s report, it was noted that according to the financial statements of these companies, their total assets amounted to 28.4 million dollars. In the year 2025, UBIC recorded a net loss of approximately 4.7 million dollars. wesure reported that it intends to act to strengthen UBIC’s capital and estimates the planned capital injection at approximately 10 million dollars.
wesure will acquire the rights in the companies from the founder Ron Nielsen, who serves as a representative of approximately 92% of the sellers in UBIC and URS. To complete the transaction, wesure established a new subsidiary, WeSure USA Insurance Holdings, which was incorporated in the state of Delaware for the purpose of holding the activity of the insurance company UBIC.
The transaction is subject to reaching agreements with the holders of capital notes (Tier 2 capital) in UBIC. In the memorandum of understanding it was also stipulated that in a case where there is not full responsiveness of the shareholders and right holders to the acquisition offer, but a response of at least 67% of them is received, the purchaser will have the right to execute a partial purchase of the shares.
It was further stipulated in the agreement that the serving UBIC Board of Directors will resign from its position and representatives on behalf of the purchaser will be appointed to the Board of Directors, including the position of president of UBIC. In addition, wesure Global Tech will be appointed as the sole manager of URS or will appoint a manager on its behalf, and the existing managers and members in URS will resign from their positions and waive their management rights.
The conditions for completing the transaction have not yet been met, and among other things, the approval of the regulator in the state of Utah is required.
