A young bud picked up (photo by Rami Zranger)
The digital insurance company Vishor has completed signatures on agreements with reinsurers. Unlike the industry, the company has signed multi-year agreements, while insurance companies usually sign one-year agreements. In alignment they preferred certainty over pricing each year anew.
Emil Winschel, Chairman of Vishur Insurance: “In relation to some of the digital insurance companies in the world, combining our advanced technology with insurance professional knowledge and experience helps us build a stable and profitable economic model that is also valued by the world’s leading insurers.
“We are pleased with the expression of trust from Mionic Ree, which is one of the leading and highest quality reinsurers in the world, in the activities of the digital insurance company Vishur and its capabilities. This is a multi-year agreement signed with the involvement of New Re Capital Partners. “At the expense of expected commissions. This strategic move establishes the infrastructure for its continued business expansion with an emphasis on the continued profitable growth of the digital company in the coming years as well.”
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.
Vishur ended the first nine months of the year with gross premium income earned at NIS 201.2 million and a pre-tax total profit of NIS 11.5 million, which is a return on capital before the insurance company at a rate of 19% in annual terms.
The group began commercial activity in 2018, and was founded by Emil Winshel and Nitzan Tze’ir-Harim, both senior figures in the Israeli insurance industry with over two decades of experience in the insurance and finance industry.
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