White Mountains Insurance Group, Ltd. has announced that it has entered into an agreement to acquire a 50% equity stake in DavidShield, its joint venture partner in PassportCard, and a leading provider of expatriate medical and other accident and health insurance coverages. Following closing of the transaction, White Mountains and Alon Ketzef, the founder of both DavidShield and PassportCard, will be 50/50 partners in both businesses. Terms of the transaction were not disclosed.
Teresa Chia, Managing Director of White Mountains Capital, said, "We are pleased to expand our existing relationship with Alon Ketzef and DavidShield. We have witnessed firsthand the tremendous response that customers have to the PassportCard and DavidShield experience. We look forward to working with Alon to grow these businesses into global leaders in the accident and health market."
Alon Ketzef, founder and CEO of DavidShield, said, "White Mountains shares our vision to revolutionize the travel and expatriate medical insurance experience around the world through innovations in technology and service. Their investment is a validation of the tremendous opportunities we see ahead."
DavidShield is the leading provider of expatriate medical insurance to individuals and corporations in Israel. Like PassportCard, DavidShield's proprietary technology and delivery systems allow its customers to access healthcare coverage across the globe, without paying any out-of-pocket expenses or submitting claims forms. DavidShield's solutions provide an exceptional, highly-differentiated customer experience that has earned the Company numerous accolades and awards over the years, including the 2014 and 2016 Expatriate Management and Mobility Award, which recognizes the industry's most innovative uses of technology.
The transaction is subject to regulatory approvals and other customary closing conditions.