Direct Insurance - Financial Investments Ltd. (TASE: DIFI) is entering the Polish life insurance market. Poland’s regulator, the Komisji Nadzoru Finansowego (KNF) has granted a license to Link4 Life Towarzystwo Ubezpieczen na Zycie SA, a subsidiary of Direct Insurance subsidiary Global Direct Insurance Investments BV (GDII).
Direct Insurance said in its financial report for the first quarter that it would initiate life insurance activity outside Israel during the second half of this year. The company added that it would invest almost €8 million (NIS 43 million) in setting up a life insurance business in Poland, alongside its present vehicle insurance business in the country.
The deadline has been pushed back; today, the company said that Link4 Life would begin activity during the first quarter of 2008.
Direct Insurance controls IDI Israel Direct Insurance Ltd. (TASE: IDI), a provider of compulsory and third party vehicle insurance, which began operating in Poland through Link4 in 2003. Link4 began offering home and property insurance this year.
Direct Insurance has also begun operating in the Czech Republic and Russia, and is considering entering other markets around the world.
Direct Insurance also announced that the company and its parent company Zur Shamir Holdings (TASE: ZUR), through which the Schniedman family control the company, will hold general shareholders meetings to approve the sale of half of GDII to Britain’s Royal & Sun Alliance Insurance Group plc (LSE:RSA) for $170 million.
Published by Globes [online], Israel business news - www.globes.co.il - on September 30, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007