The digital insurance company WeSure has completed an initial public offering (IPO) on the Tel Aviv Stock Exchange, at a value of NIS 380 million (after the money), and in the coming days its shares will begin trading. As part of the offering, the company raised approximately NIS 80 million in the institutional phase, and approximately NIS 5 million in the public phase in exchange for approximately 22% of its shares.
According to the company’s announcement, it has set out to raise capital in order to accelerate its business development plans and in this context expand the company’s areas of activity and market share in Israel as well as prepare to enter operations in the US and Europe in the coming years.
The company, which is controlled by Emil Winshel and Nitzan Tze’ir-Harim, launched its business in 2019. According to them, the group’s goal, which operates in the insure-tech industry, is to make the insurance industry, and tangled ones, products of an intuitive and simpler nature, with an ongoing purchasing and management experience. Which can be done by the customer independently online.
In the first nine months of 2020, gross premiums grew by more than 120% and amounted to NIS 184.1 million, compared with NIS 83.5 million in the corresponding period last year. In addition, in the third quarter of 2020, the company became profitable for the first time, with a total profit of NIS 2.6 million.
As of the end of the third quarter of 2020, the Group’s assets amounted to approximately NIS 434.4 million, an increase of approximately 130% compared to the end of 2019. In the meantime, financial investments and cash equivalents amounted to approximately NIS 195.8 million, an increase of approximately 145% compared to the end The year 2019.
Emil Winschel, Founder and Chairman of WeSure Insurance Company: “We thank our new partners for expressing confidence in the group and welcome the completion of the successful IPO. This is a step that will allow us to meet the group’s growth goals in Israel and expand, initially, to the US and later possibly to other European countries. We believe that our digital approach, combined with transparency, efficiency and flexibility with customers, will bring a consumer message to the insurance world, and we are proud to be among the leaders in the digital revolution in the conservative insurance industry. “
Comments on the article(0):
Your response has been received and will be published subject to system policies.
Thanks.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment