Harel to buy Shirbit Insurance Co

Shirbit insurance company building in Netanya / Photo: Tamar Matsafi, Globes

Harel will pay NIS 100 million for Shirbit, which was seriously hit by a cyber attack last year.

Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) is to buy insurance company Shirbit for NIS 100 million. Negotiations on the deal are in the final stages.

Shirbit will apparently continue to operate independently. The deal is subject to regulatory approval.

Shirbit, which was founded in 2000, was hit by a serious cyber attack late last year. The company's databases were broken into, and the incident quickly became public knowledge, precipitating a crisis at the company.

Shirbit operates as a direct insurance company and also through insurance agents. It is active in vehicle insurance, homes, businesses, health and personal accident insurance, overseas travel, and maritime insurance. The company is a fairly large player in engineering insurance. It sold its life insurance business to investment house Psagot for NIS 12.6 million.

Published by Globes, Israel business news - en.globes.co.il - on May 5, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Shirbit insurance company building in Netanya / Photo: Tamar Matsafi, Globes
Shirbit insurance company building in Netanya / Photo: Tamar Matsafi, Globes
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