Swiss Re will reinsure 25% of Menorah's elementary insurance portfolio.
Menorah Mivtachim Holdings Ltd. (TASE: MORA) has reached a strategic cooperation agreement with Swiss Re (SWX: RUGN). Under the agreement Swiss Re will reinsure 25% of Menorah's elementary insurance portfolio premiums less money transferred to reinsurance companies in regular contracts.
The deal reached by Menorah and Swiss Re is similar to the agreement also announced today between Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) and Berkshire Hathaway subsidiary National Indemnity.
Menorah is Israel's third largest insurance company.
Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2008
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