It was reported yesterday that six international reinsurers owe Israeli companies NIS 60-80 million.
The Independent reinsurance company does not owe any money to Israel Phoenix or its subsidiary, Hadar, Israel Phoenix general manager Bar-Kochva Ben-Gera said today. Ben-Gera said that the five other troubled reinsurers also have no debts to Israel Phoenix or Hadar.
"Globes" reported yesterday that six international reinsurance companies, headed by Independent and Reliance, were facing financial difficulties. Industry sources estimated that they owe Israeli insurance companies NIS 60-80 million, virtually all for non-life insurance policies.
Ben-Gera said the damage caused by a fire at the Elisra Electronic Systems plant was assessed at NIS 100 million. ERC Francona has already paid part of the claim. Israel Phoenix insures Elisra, and ERC Francona is one of the main reinsurers on the policy.
Published by Israel's Business Arena on 18 July 2001