The most surprising deal in Israel’s insurance plan industry last 12 months eventually received the go-in advance at the end of final 7 days when Commissioner of Coverage, Discounts and Funds Markets Dr. Moshe Bareket gave digital insurance company WeSure a allow to command veteran participant Ayalon Insurance policy Firm.

WeSure needed the allow in get to be capable to obtain 67% of Ayalon for NIS 463 million. For the purposes of raising the income, WeSure introduced Caesarea Health-related Electronics, controlled by Zvi Barak and his spouse Anat, into the deal. Barak will spend NIS 270 million in WeSure.




Related Posts




Barak loved ones to grow to be lover in WeSure, Ayalon for NIS 270m



WeSure moves up an coverage league



Israeli insurtech co WeSure receives New Jersey license







Finance was not, nevertheless, the only, or even the main hurdle that WeSure experienced to triumph over. For the duration of the management permit approach, the Israel Securities Authority raised the need to have to collapse one particular of the layers in the Ayalon team framework, considering that the Focus Regulation bans a pyramid of a lot more than two corporations that are either general public or increase capital via bonds, and the deal would have build such a pyramid: WeSure, a public enterprise down below it Ayalon Holdings, a next public organization under that Ayalon Coverage, a non-public firm but considered a layer for the needs of the Focus Regulation and down below that Ayalon Insurance coverage Issuing and Elevating Ltd., a corporation that has raised financial debt in a bond giving.

In purchase to deal with the ban, in early March the boards of directors of Ayalon Holdings and of Ayalon Insurance policies agreed a merger, collapsing two levels of the pyramid into 1 (insurance policy organizations are exempt from the bond issue provision), consequently eliminating the impediment to completion of the deal. At the stop of past week, the Commissioner of Insurance policy, Discounts and Capital Marketplaces awarded an insurance policies license to the merged Ayalon Insurance plan.

Right after the regulatory obstacle was taken off, Bareket gave a command allow to the managing shareholders in WeSure, Emil Vainshel and Nitzan Zeir-Harim, jointly with Zvi and Anat Barak, enabling them to hold, instantly or indirectly, stakes in WeSure Worldwide Tech (TASE: WESR), and in the insurance coverage providers that it controls. Previously in the week, the Opposition Authority gave its acceptance to the deal concerning WeSure and Caesarea Health care Electronics.

Printed by Globes, Israel enterprise information – en.globes.co.il – on Could 22, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


More Stories
The Impact of Direct Mail for 2023
Step By Step Advertising On Facebook
5 Ways To Balance SEO and Content Synergy in 2023