The American insurance company AmTrust will purchase 10% of Wishor's shares

The American insurance company AmTrust will purchase 10% of Wishor's shares at a price of NIS 3 per share - 33% higher than the closing price of the stock on Monday. 
In the first stage, Amtrust will purchase 5% of Wishor's shares for NIS 16 million, and in the second stage, later on, it will pay the rest of the consideration, an additional NIS 21 million, and
In the implementation of the conversion transaction, Amtrust acquires almost another 5% of Wishor's shares.

The consideration is higher than the purchase transaction, as mentioned NIS 35.6 million, due to the difference in the share price of the purchase transaction. After the realization of the two stages of the purchase and the conversion of the debt into shares, Amtrust will hold 14.8% in Wishor, receiving another 5% of the shares. The investment in the second stage is conditional on receiving a permit to hold an insurance company from the Capital Market Authority - the permit may limit the proportion of shares that will be sold to Amtrust.
At the same time, Amtrust converted from debt to additional shares, in accordance with the deal signed in 2022. Then Vishor granted a letter of commitment to convert into shares, in the amount of NIS 35.6 million, at a price of NIS 6.3 per share. As part of the new agreement, Vishor reduced the price of the conversion to NIS 4.8 for the purpose of realizing the deal.
In the implementation of the conversion transaction, Amtrust actually acquires almost another 5% of Wishor's shares - the consideration is higher than the purchase transaction, as mentioned NIS 35.6 million, due to the difference in the share price in relation to the purchase transaction. After the realization of the two stages of the purchase and the conversion of the debt into shares, Amtrust will hold 14.8% in Vishor, with an investment of NIS 72 million.
Amtrust cooperates with Wishor to distribute its products in the US, a market that Wishor seeks to penetrate mainly in the sale of business and group insurance. Even before the current transaction, Amtrust owns 0.5% of Wishor and in addition 30% in Wishor's granddaughter MGA.
The controlling owner of Wishor is the insurance expert Emil Winschel (39.5%) and on his side the couple Zvi and Anat Barak (37%), the controlling owners of the powerful Caesarea company. Wishor Israel, the insurance arm that operates in the local market, is integrated into Ayalon in order to reduce expenses.