Clal Insurance to sell US subsidiary Guard

April 2, 2012 10:23

Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), controlled by Nochi Dankner, is about to sell Guard Insurance Group, the vehicle for the group's activity in the US, for a price somewhat in excess of $200 million. A formal announcement to the Tel Aviv Stock Exchange is expected on Monday.

Guard was acquired in 2007 for $120 million. In August 2011, the possibility was raised of a sale to US company Employers for $312 million.If the price of the current deal is as reported, it would reflect a downturn in Guard's expected evaluation because of recent weak results.

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