Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), controlled by Nochi Dankner, is about to sell Guard Insurance Group, the vehicle for the group's activity in the US, for a price somewhat in excess of $200 million. An announcement to the Tel Aviv Stock Exchange is expected today.
Guard was acquired in 2007 for $120 million. In August 2011, the possibility was raised of a sale to US company Employers for $312 million.
In September last year, Clal Insurance reported the sale of its stake in UK insurance syndicate Broadgate for £11 million to Bermudan insurance company Torus.
Clal Insurance posted a profit of NIS 17 million in 2011, 97% less than in the previous year.
Published by Globes [online], Israel business news - www.globes-online.com - on April 2, 2012
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