Harel Insurance group, controlled by the Hamburger family, has signed an affiliation agreement with German insurance company HDI Gerling. Under the agreement, Harel business customers operating overseas can receive services from the German company, which specializes in business, property and liabilities insurance. At the same time, Harel will provide services to HDI Gerling business customers with branches in Israel. For Harel, the agreement has potential for new international customers as well as providing a solution for the company’s Israeli customers abroad.
The affiliation agreement with the German company follows other agreements that Harel has signed with six foreign insurance companies: Royal Sun Alliance, Chubb, Ace, Zurich, Axa, and Allianz.
Harel president and controlling shareholder Gideon Hamburger said, “As part of globalization, companies with global deployment – Israeli companies operating overseas or foreign companies with operations in Israel – these companies have a global umbrella insurance policy, but these companies also need a local insurance company in each country. Signing the agreement with HDI Gerling, a leader and specialist in industrial insurance, is another brick in the upgrading and expansion of the insurance service and solutions that Harel offers its customers in view of the steady growth in the foreign operations of Israeli customers.”
The affiliation was made by Harel’s international department, headed by Shlomo Fuchs, who serves as deputy CEO of Harel Insurance and manager of its elementary business insurance division.
Negotiations to acquire Clal
HDI Gerling is part of the German insurance group Talanx one of Germany’s largest insurance groups. The group recently became known in the Israeli market after it was learned that it was considering acquiring control of Clal Insurance from IDB. So far as is known, negotiations for the acquisition of control of Clal Insurance are underway with two candidates: Talanx and European private equity fund Permira.