Clal Insurance arrives in Romania

Israel-based Clal Insurance will launch a new insurance company for the Romanian market in partnership with several Israeli and Romanian business people. “The company will operate in the general insurance field, a market that is somewhat more mature, and then we intend to tap into the life insurance and private pension segment, which allows for bigger growth opportunities,” Shai Fogel, business development manager of Clal Insurance told ZIARUL FINANCIAR. He is the man that took care of the formalities to establish the new company. He added the company would begin to conclude insurance policies in the second half of this year, at the earliest. The new company will be held 67% by Clal Insurance, with the rest of the shares held by the partner business people. The new insurer”s initial share capital will stand at 4 million dollars (12 million RON), which will be entirely contributed by the Israeli company. ZF