The digital insurance company Wishor
and GlobalTech alignment
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received the approval of the regulators in the USA and can start marketing its products in the country. It is not certain that it has a significant differentiation against competing insurance companies, but it is a huge market and therefore it is not certain that it matters – at least theoretically it will be able to market products and take market share and that is what is important.
Wishor will operate in the USA through a subsidiary company in which it owns 70%, with the other 30% held by AmTrust. Wishor will start operating in the state of Ohio and hopes later this year to expand to other countries.
The company’s first insurance product in the US is insurance policies for businesses (BOP Business Owners Policy)), which include a package of insurance coverages for property and liability risks and it will market them through local agents as well as through marketing to small business owners.
The granddaughter company, which has so far received permits to operate in 9 states in the US, will operate with an insurer from the AmTrust group, which operates in the field of special insurance plans in the various elementary branches of activity. Vishor will provide underwriting, management and production, on behalf of the insurer.
Emil Weinschel, founder of Wishor GlobalTech: “The approval received by the granddaughter company WeSure Digital is the green light to start commercial activity and marketing insurance policies in the United States. The joint activity with the insurance group AmTrust gives us a significant force multiplier to penetrate the American market.”
In the reports for the third quarter of 2022, Wishor reported premium income of NIS 110 million and a loss of NIS 23.5 million. The stock lost 46.5% of its value last year and since the beginning of the year it has increased by 7.5% (for more on the reports – click here).
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