Vlad Nemirovsky | Chairman of Excelion Group
Vlad Nemirovsky:From Insurance Agent in Jerusalem to Chairman of Excelion
Nemirovsky began his career in the 1990s as a life insurance agent in Jerusalem. In 2004, he moved to Moscow, where he worked as Director of Life Insurance at ROSNO Insurance Company, and later as Vice President of Life Insurance at NASTA Insurance Company.
Nemirovsky as the President of Oranta-Life, Ukraine: failure and dismissal
In 2007, Nemirovsky was appointed Senior Executive Vice President of Oranta Insurance Company in Kyiv, Ukraine, and in 2008, he became the President of Oranta-Life. According to Forinsurer, Oranta-Life’s performance under Nemirovsky's leadership was as follows:
- contracts: 6,588 in 2009, 6,032 in 2008;
- premiums (in UAH): 11,125,200 in 2009, 14,304,100 in 2008.
The market leader in the same years had about 300 thousand contracts and collected premiums of 250 million UAH. On October 29, 2009, the Supervisory Board of Oranta-Life dismissed Vlad Nemirovsky. The head of the Supervisory Board, O.Spilka, stated that Nemirovsky was dismissed due to the poor preparation of the company’s business plan.
By the end of the 1st half of 2010, Oranta-Life's gross premiums amounted to 4,262,315 UAH, which was 40% higher compared to the same period in 2009, under Nemirovsky's management.
Vlad Nemirovsky - a successful seller of Park First Scam in Russia
Nemirovsky returned to Moscow and in 2010 founded Fortune Capital, a broker for investment and insurance products. One of Fortune Capital’s successful products was an investment in parking lots in UK’s airports, offered by Park First: starting from £20,000 under leasehold terms. Park First promised a fixed yield of 8% annually for the first two years, paid one year in advance right after purchase, and an actual return of 10.4–10.8% in the following years, according to the company. Around 100 agents at Fortune Capital were involved in selling parking lots. According to Nemirovsky, the average check of Russian investors was £200,000, with several dozen new clients joining each month. It is worth noting that in 2009, the founder of Park First, Toby Whittaker, owned the collapsed broker Dylan Harvey Residential, which had collected £6.5 million in deposits from 500 investors over two years for residential developments in Manchester before going under due to the crisis. He later led the pension advisory business, We Find Any Pension, which the UK financial regulator FCA stated was operating without the necessary permissions. Equally important is the fact that the agent commission paid by Park First to its agents was 30% (according to The Times). In 2017, the failed investment scheme was sued by its investors over potential fraud after its collapse. Investors sued Park First, Toby Whittaker, and other executives linked to the firm, for £6 million. The claim stated that the sub-leases only lasted two years, after which Park First broke them and failed to provide further services, leaving the plots impossible to sell. The FCA launched its own legal action against the firm’s bosses, alleging that Park First had made “false and misleading statements” in its promises to potential investors. FCA is also claiming that Park First was an illegal “collective investment scheme.”
Nemirovsky continued offering Park First to its clients until 2019.
Nemirovsky & Gruzman: the beginning of a beautiful friendship
In 2019, Nemirovsky began collaborating with Motti Gruzman. Motti presented Excelion projects in Andorra and in Bruck, Zell am See, Austria to Fortune Capital clients in Moscow. Nemirovsky attracted Russian investments into these and other Excelion projects, such as Leukerbad, Goutroux, and others. In 2022, Nemirovsky returned to Israel and began formalizing his partnership with Gruzman, acquiring 50% of the shares in IMAG Development, Excelion’s headquarters company in Israel. At the same time, he assumed the role of Chairman of Excelion. Nemirovsky’s primary role in this partnership was to attract Russian investments. Over time, due to Gruzman’s managerial failures, Nemirovsky’s responsibilities expanded.On picture: Nemirovsky & Gruzman in Moscow, 2019
