ICEC

Israel’s Clal Insurance Looks To Sell U.S. Unit

Israel’s Clal Insurance Enterprises Holdings (CLIS.TA) said on Sunday it has signed a non-binding letter of intent to sell its subsidiary Clal U.S. Holdings Inc for $218 million.

Clal, a subsidiary of the IDB Holding (IDBH.TA) group, did not name the buyer.
Clal U.S. Holdings owns U.S. insurer Guard Financial Group, which has shareholders’ equity of $217 million, Clal said in a statement. It bought Guard five years ago for $120 million.

The two sides set a deadline of 45 days to complete due diligence and sign a detailed agreement, though Clal said there was no guarantee a deal would be reached.

Last year Clal, one of Israel’s top two insurers, sold Lloyd’s of London LOL.UL insurer Broadgate Underwriting to Torus Insurance Holdings of Bermuda, Reuters reported.

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