LandAmerica Financial Group, Inc., a provider of real estate transaction services headquartered in Richmond, VA, last week announced the inauguration of LandIsrael A.C.K. Insurance Agency (2001) Ltd., a joint venture with Ayalon Holdings, Ltd. of Tel Aviv, and Shield International of Los Angeles.
LandIsrael will be the first agency to issue title insurance on real estate projects in Israel, with Ayalon serving as the insurer and LandAmerica's subsidiary, Commonwealth Land Title Insurance Company, as the reinsurer. Ayalon offers multiple lines of insurance products in Israel through its subsidiary, Ayalon Insurance Company Ltd. Shield, an affiliate of Metro Surety and Casualty Insurance Services, specializes in structuring and introducing financial and insurance products internationally.
To mark the event, Joel S. Peck, senior vice president-International of LandAmerica, introduced the principals of LandIsrael, including Levy Rachmani, managing director and chairman of the board of Ayalon, Rudolph Lowy of Shield, and Nechama Rachmani-Sivron, managing director of LandIsrael, to members of the American real estate, finance and legal communities at a reception held at The Yale Club of New York.
Tom Klein, LandAmerica senior vice president, said: "There is increasing recognition by real estate developers, investors, banks and other financial institutions in Israel that title insurance is an excellent method of addressing the risks of real estate ownership and financing. Title insurance transfers to the insurance company not only the ultimate risk of loss, but also the cost of litigation to defend against claims."
In her speech, Rachmani-Sivron noted that "LandIsrael is the only title insurance provider in Israel, and that it is fitting that its joint venture partner is LandAmerica, which pioneered title insurance in the United States 127 years ago."
In his welcome address, Peck said that, "LandAmerica's investment in LandIsrael represents an expression of confidence in the Israeli real estate and mortgage finance markets and is part of LandAmerica's broad commitment to developing its international business."
Rachmani observed in his speech that there is a new optimism in Israel.
Published by Globes [online] - www.globes.co.il - on 09 July 2003