Israeli digital insurance company WeSure Global Tech (TASE: WESR) has reported that it has signed an investment and collaboration agreement with US insurance company AmTrust Financial Services Inc. Under the terms of the agreement, the US company will invest NIS 35.6 million in WeSure shares, as a loan convertible to shares.
The date for repayment of the loan has been fixed at up to 10 years and according to the letter, the conversion to shares could be undertaken in various circumstances, including automatic conversion, in the event that the WeSure share price will be at least NIS 6.30 (the price at which the deal was closed) for 14 consecutive trading days.
RELATED ARTICLES
As part of the investment agreement, the two sides will invest $2 million each in WeSure Digital, which is already registered to operate as an MGA in nine US states. In exchange for the investment, AmTrust will receive a 30% stake in WeSure Digital.
AmTrust Group is a multinational insurance holdings company headquartered in New York. The Group specializes in property insurance and business liability including employees’ compensation, business owners’ policies, and product and services liability.
Published by Globes, Israel business news – en.globes.co.il – on August 11 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
