The Barak family has completed its investment in Wesure Global Tech totaling 260 million shekels and is now part of the insurance group’s control core; at the same time, the Ben Ishai family has invested 20 million shekels in Wesure Global Tech
In addition, Wesure has signed a 90 million shekel agreement with a banking corporation
The Wesure Global Tech technology and insurance group has announced that it has completed the Ayalon deal, under which Wesure has acquired 67% of the Ayalon Insurance group shares for 44736 million shekels. Wesure reports that at the same time it also signed on a financing agreement with a leading banking corporation which will be granting it a loan of 90 million shekels, an agreement which expresses confidence in the deal and in its ability to generate value.
Completion of the deal follows agreements reached between Wesure and the executor of the Levy Rachmani estate, and according a third annex to the Wesure-Ayalon deal was signed. The amendment to the agreement includes a reduction in the consideration that Global Tech will be paying for 67% of the Ayalon shares by 15 million shekels, to a total of 447.6 million shekels. In addition, within the framework of the additional amendment to the agreement, the vendor’s loan was increased by 7.5 million shekels to approximately 62.5 million shekels.
Caesarea Medical Electronics has completed its 260 million shekel investment in Wesure, and Tzvi and Anat Barak have become part of the control core of Wesure Insurance and Ayalon Insurance together, together Emil Weinschel and Nitzan Tzair Harim. In addition, a 20 million shekel investment in Wesure Global Tech by the Ben Ishai family was completed today at a share price of 6.3 shekels.
Alongside organic growth, the group believes in a strategy of acquisitions and mergers and collaborations based on the group’s technological and knowledge whilst carrying out technological transformation at traditional and conservative organizations. Now, following completion of the acquisition deal of Ayalon’s controlling shares, the combined activity of the Wesure-Global Tech Group (Ayalon and Wesure Insurance) will make the company into a dominant player in the Israeli market, with annual gross premium revenues at an estimated 3.5 billion shekels, in a wide variety of operating segments in the general, health and life insurance sectors. The group’s assets are expected to total over 17 billion shekels.
Wesure intends bringing about maximum synergy between the companies, and at the same time upgrading Ayalon’s technological and digital capabilities, amongst other things with a view to enhancing efficiency, the advanced use of knowledge and data for more advanced underwriting purposes and also improving service to customers and agents. Ayalon’s agents will be able to enjoy Wesure’s Global Tech’s capabilities and upgrade their technological capabilities. At the same time, the acquisition of Ayalon will enable Wesure a rapid penetration into new insurance sectors, and could form the infrastructure for ongoing development of these activities by Wesure Global Tech in the international markets in accordance with the company’s strategy of expanding activity overseas.
The Wesure Global Tech technology and insurance group launched its business activity in 2018. The company and its subsidiaries were established with the aim of leading the digital and technological revolution that has been taking place in recent years and in almost all walks of life, including in the conservative insurance sector. The company’s goal, which is also active in the growing insurtech industry, is to make the insurance sector’s products, which are regarded by the public as being complicated and complex, into products that are simpler and more intuitive, with an ongoing purchasing and management experience which can be carried out by the customer independently and online, according to the “Mobile First” concept. The aim is to make the insurance sector accessible 24/7, via transparent and flexible interfaces for the customer community, using various advanced technologies, information-driven processes, information analysis capabilities and the insertion of “smart” algorithms into the various processes in the world of insurance and reducing the use of printed documents and forms, in an efficient and effective manner for the customer’s benefit.
