Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) has signed an affiliate agreement with Germany's HDI Gerling. Harel's business clients who operate abroad can receive services from HDI Gerling, which specializes in industrial, property and liability insurance. At the same time, Harel will provide services to HDI Gerling business clients in Israel.
For Harel, the affiliation could potentially create new international clients while providing international services for its Israeli clients.
The affiliation agreement follows Harel's similar agreements with foreign peers, including Chubb Corporation (NYSE: CB), Ace Ltd. (NYSE: ACE), Zurich Financial Services AG (SWX: ZURN), Axa SA (Euronext: CS), RSA Insurance Group plc (LSE: RSA), and Allianz SHEKEL-EURO EXCHANGE RATE (DAX: ALV; NYSE: AZ).
Harel president Yair Hamburger said, "As part of globalization, there are companies with global reach - Israeli companies operating abroad and foreign companies that operate in Israel. These companies have global umbrella policies, but they need local insurance companies in each country. The agreement with HDI Gerling is another piece of the upgrade and expansion of service and insurance solutions that Harel offers its clients in view of the steady growth in the activities of Israeli companies abroad.
Published by Globes [online], Israel business news - www.globes-online.com - on April 28, 2011
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