Harel Insurance Investments & Financial Services Ltd completed the acquisition of life and health insurance business from Eliahu Insurance Company Ltd.
For the first quarter of 2012, Eliahu's life insurance business has assets of ILS 1.8 billion and had pretax profit of ILS 10.6 million. As of December 31, 2012, Eliahu Insurance Company Ltd. reported ILS 1.77 billion of total assets. The deal is subject to Shlomo Eliahu acquiring control of Migdal Insurance and Financial Holdings Ltd. (TASE:MGDL) from Assicurazioni Generali, definitive agreement, subject to statutory approval, obtaining the Commissioner's approval and the approval of the Antitrust Authority and regulatory approval. On November 13, 2012, Eliahu Insurance and Harel Insurance submitted an application in the Tel Aviv District Court for the approval and the granting of the necessary orders for the transfer. As of November 25, 2012, the Antitrust Authority granted approval, and the transaction to acquire the control of Migdal by Eliahu is also completed. The deal is expected to close on January 1, 2013.
Harel Insurance Investments & Financial Services Ltd (TASE:HARL) completed the acquisition of life and health insurance business from Eliahu Insurance Company Ltd. on January 1, 2013.