About two years after SureTech Investments, the investment partnership in insurtech, completed the purchase of the shares of the insurtech company Vesttoo it sold all its holdings in Vesttoo for 15.7 million dollars. SureTech, which is headed by the chairman Uzi Danino and the CEO Ran Tzror, purchased in April 2021 251 thousand shares of Vesttoo at a price of $3.98 per share, and now it reported that it sold all these shares at a price of $62.68 per share, meaning 15 times the purchase price.
According to SureTech’s report, the estimated profit of the sale of shares is about 9.2 million dollars.
SureTech sold in the transaction the preferred stocks Seed-1 to unrelated third parties. The consideration was transferred to a trustee for the deduction of commissions and taxes.
In January 2022, about six months after SureTech purchased Vesttoo’s shares it sold half of its holding at a price of $27 per share and profit of about 7 million dollars.
Vestoo develops technology that allows insurance companies and reinsurers to transfer their insurance risks to the capital market by using various financial instruments for investment. These instruments are built through the use of AI, which estimates the risks of the insurance companies in the best objective way and allows them to put a price on their risks.