Vishor GlobalTech today reported on an important strategic move by its subsidiary Vishur Insurance Company. The company updates that the subsidiary has signed multi-year contracting agreements with its leading reinsurer Munich Re, which is one of the largest reinsurers in the world, which has been accompanying Vishur Insurance since the beginning of its operations.
Under the agreements signed, which also involved New Re Capital Partners, the proportion of Unique Re’s share in the subsidiary’s sub-insurance panel in the automotive (property and debt) industries will be increased. It was also agreed on financing, by way of payment of an advance on account of expected commissions to the subsidiary, in the amount of NIS 22.5 million, for a period of 3 years, financing that will bear a fixed interest rate of 0.65% per annum.
The relative reinsurance agreements with Monique Ree were signed for a period of three years in the field of compulsory car and other property, and for two years in the field of car insurance, so that they are valid from January 1, 2022 to December 31, 2024 and 2023, respectively. However, the termination of the term of office of the two controlling shareholders, Emil Weinschell and Nitzan Tze’ir Harim, as officers in the subsidiary will allow Monique Ree (as a unique condition) an early termination of these agreements.
Mionic Ree, headquartered in Germany, is traded on the Frankfurt Stock Exchange at a value of about 38 billion euros. The company is active in both the German market and the global markets and is considered a high-quality reinsurer.