WeSure CEO Pursues Altshuler Shaham Acquisition with Unwavering Focus

Emil Vinshel, CEO of WeSure Globaltech, has finalized an agreement to acquire a controlling stake in the investment house Altshuler Shaham Finances. Vinshel described his pursuit of the deal as more intense than his courtship of his wife, emphasizing his persistent and determined approach. The agreement, valued at approximately one billion shekels, is pending regulatory approval and will see WeSure and Altshuler Shaham CEO Yair Levinstein jointly acquire about 55% of the company.

Vinshel expressed confidence that this acquisition will elevate his group into one of Israel's leading insurance and finance entities. He views the recent decline in Altshuler Shaham's yields and capital outflows as a strategic opportunity, stating his commitment to a long-term vision for the company. He believes the firm, which faced challenges after its merger with Psagot, needs a "reset" and a change in ownership.

With three decades of experience in the Israeli insurance sector, including leading Ayalon Insurance, Vinshel founded WeSure in 2018. He initially explored a joint venture with Altshuler Shaham two years ago, seeking synergies between their life insurance and pension/provident fund operations. When that didn't materialize, he also considered other firms before returning to Altshuler Shaham.

The deal was finalized remotely, with Vinshel emphasizing his readiness to be physically present but acknowledging that Levinstein and Ran Shaham's attendance was sufficient. Key negotiation points included non-competition clauses and the duration of the company's name usage. Vinshel aims to integrate WeSure's insurance products with Altshuler Shaham's pension and provident fund activities, creating a more holistic offering for clients.

Vinshel acknowledged the potential regulatory complexities of having two provident fund operations within the same group but expressed confidence in finding solutions with the Capital Market Authority. He highlighted the acquisition of Ayalon Insurance as a successful precedent for WeSure, noting a significant increase in its market value since his company took control. He also addressed concerns about Altshuler Shaham's past investment strategies, including overexposure to the Chinese and US markets, and expressed a pragmatic approach to management fees to ensure competitiveness.