As part of the Company's aspirations to develop business abroad, by using its knowledge of the various areas of the insurance market, the Group has begun operations in Greece and in Turkey. The Group is considering extending its activity into other countries as well, and is seeking business opportunities to enter these markets. The Group will attempt to lever its relative advantage in health insurance for business activity overseas.
As a first step in this policy, in 2006 the Company launched its general insurance activity overseas through a Greek company called Interasco (Interasco Société Anonyme General Insurance Company S.A.G.I.), which was formed for this purpose. Interasco received an insurance license from the regulatory authorities in Greece on August 8, 2006, and operates in Greece in the field of general insurance.
Interasco’s activity in Greece, which previously did not specialize in a specific field of activity, now focuses on general insurance.
Turk Nippon Sigorta A.S.
In November 2008 the Group acquired control of this Turkish insurance company and through Turk Nippon began general insurance operations in Turkey. Following the transaction, the Company holds 95% of the issued share capital of Turk Nippon.
Until 2004, Turk Nippon held an insurer's license for general (non-life) insurance in Turkey. Since then it issued no new policies. The Company acquired control of Turk Nippon with the goal of renewing its insurer's license and running the company as an insurer operating in Turkey in all fields of general (non-life) insurance.
On April 6, 2009, Turk Nippon obtained approval from the Turkish Ministry of Finance, whereby its insurer's license was renewed and it began to operate in all branches of non-life insurance in Turkey.
For more information about Turk Nippon's activity, please visit Turk Nippon's web site at: http://www.turknippon.com/en/Anasayfa.aspx.
On May 6, 2009, Harel UK, a wholly owned subsidiary of the Company, received a broker's license from the Financial Services Authority (FSA) in the UK. This license enables Harel UK to become a Lloyd’s registered broker, which will allow Harel UK to operate directly as a broker in transactions on London's insurance market.