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American International Group announced that it has reached an agreement with Aurec Gold Investments Limited to acquire Aurec’s 49.99 percent interest in ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Israel Insurance Company Ltd.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ currently owns 50.01 percent of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Israel, and upon completion of the transaction ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Israel will become wholly-owned by ÌìÃÀÍøÕ¾´«Ã½´«Ã½. The transaction is subject to approval by Israel’s Insurance Commissioner.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ said that it had agreed to a joint venture with Aurec to form ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Israel in 1996. The operation primarily writes personal lines as well as accident and health and life insurance through a direct distribution platform, and it encompasses some commercial lines products via brokers. The company said ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Israel has achieved “steady growth and profitability” each year since 2001.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ also announced that Shay Feldman has been appointed general manager of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Israel effective April 1. He is a native of Israel, and joined ÌìÃÀÍøÕ¾´«Ã½´«Ã½ in 1998. Feldman has held accident and health as well as marketing and sales positions in Israel. He relocated to Paris to serve as CEO of ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Marketing Europe, which led direct marketing of ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s life and general insurance products across Western Europe.

Following senior regional roles in Hong Kong, Feldman moved to London in 2011 to take up his most recent position as chief marketing officer for consumer lines in EMEA.

Source: ÌìÃÀÍøÕ¾´«Ã½´«Ã½

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