WeSure GlobalTech Acquires US Insurance Firm for $2.7 Million, Plans $10 Million Capital Injection

Israeli insurance company WeSure GlobalTech is expanding its US operations with a binding agreement to acquire controlling stakes in Utah Business Insurance Company (UBIC) and its sister company, Universal Risk Services (URS). This deal follows a memorandum of understanding announced in May 2026. WeSure will purchase approximately 92% of UBIC and URS through its wholly-owned US subsidiary, WeSure USA Insurance Holdings.

UBIC holds insurance licenses in several US states and specializes in workers' compensation insurance for businesses, while URS provides claims management and settlement services. The acquisition cost for roughly 900,000 shares of UBIC and a similar number of units in URS is approximately $900,000. Additionally, WeSure USA will pay $1.75 million to holders of UBIC's capital notes. WeSure had previously invested about $300,000 in UBIC via a convertible capital note.

As of the end of 2025, the acquired companies had assets totaling $28.4 million. UBIC's net earned premium was $22 million, with initial and secondary capital of $4.9 million, and it reported a net loss of $4.7 million. Following the acquisition's completion, WeSure plans to inject $10 million into UBIC to bolster its capital and reserves, a sum separate from the purchase price.

The transaction is contingent on regulatory approval in Utah and is expected to be finalized by September 30, 2026. Upon completion, WeSure will appoint representatives to UBIC's board and gain management control of URS. WeSure GlobalTech, controlled by Emil Winshel with a 39.5% stake, is valued at 2.2 billion shekels. The company's stock rose 4% today, following a 46% increase over the past 12 months, compared to a 56% rise in the insurance and financial services index.