Emil Weinschel
The two companies will each invest 2 million dollars in Wesure Digital, with AmTrust receiving 30% of it. Wesure Digital will operate with an AmTrust group company which specializes in special insurance plans and will receive within the framework of the agreement underwriting, management and issuing rights in that insurer’s name
Wesure is continuing to expand its global activity. The company has signed on investment and collaboration agreements with companies that are part of the AmTrust Financial Service Inc. group.
Within the framework of the insurance agreements, Wesure and AmTrust will each be investing 2 million dollars in the Wesure Globaltech sub-subsidiary, Wesure Digital. In consideration of its investment, AmTrust will receive 30% of the company. A shareholders agreement was signed following this agreement. In addition a convertible undertaking agreement was signed for Globaltech shares, under which a 35.6 million shekel loan convertible into shares will be provided to Globaltech, with a repayment date set for 2032 with the share conversion price set at 6.3 shekels.
In addition an MPA (Managing Producer Agreement) has been signed between the companies regulating the insurance activity of the joint digital venture.
Wesure Digital, which is licensed to operate as an MGA underwriting agency or as an insurance producer in 9 states in the USA, will operate with an AmTrust group company which specializes in special insurance plans and will receive within the framework of the agreement underwriting, management and issuing rights in that insurer’s name. The agreement includes various undertakings and agreements, including: prior right of the AmTrust group to underwrite new insurance plans put together in the future in the areas of commercial property and liabilities, including expansions of existing insurance plans and entry into additional business sectors in various states in the USA.
Wesure Golbaltech founder Emil Weinschel: “After only recently successfully completing the deal for acquiring control of the Ayalon group, we are proud to announce significant progress also in our expansion program in the USA, and we welcome the planned strategic collaboration with AmTrust. The AmTrust group has been active for many years in the American insurance sector and is one of the leading insurance groups in the general insurance sectors specializing in elementary insurances for businesses. We believe that the partnership combining the AmTrust group’s experience and specialism in the USA and Wesure Globaltech’s digital, innovation and enterprise capabilities will accelerate and improve Globaltech’s successful penetration ability into the American market”.
