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Harel to buy Shirbit Insurance Co

Israel Materials 5 May 2021 12:23 (UTC +04:00)
Harel to buy Shirbit Insurance Co

Harel Insurance Investments and Financial Services Ltd. is to buy insurance company Shirbit for NIS 100 million. Negotiations on the deal are in the final stages, Trend reports with reference to Globes.

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.

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