The Pennsylvania Insurance Department this week approved the pending deal by Israel’s Clal Insurance Enterprises Holdings to sell its U.S. unit to Berkshire Hathaway Inc.’s National Indemnity Co.
The deal to sell off Clal’s U.S. unit — Clal U.S. Holdings Inc. — to National Indemnity Co. for $221 million was announced last August.
Clal U.S. Holdings Inc., based in Wilkes-Barre, Penn., owns GUARD Insurance Group, which Clal purchased in 2007 for $120 million. GUARD Insurance Group offers small- to medium-sized commercial property and casualty accounts, with over $300 million in direct written premium as of year-end 2011.
The full decision and order, issued by Pennsylvania Insurance Commissioner Michael Consedine on Oct. 22, can be found on the insurance department’s website.
Small Health Insurers Assuming Big Role In Many States Under Obamacare
11 U.S. Weather Disasters in 2012 Cost More Than $1 Billion Each
Encompass Looks to PGA Sponsorship to Improve Brand
Walgreen Agrees to Record $80M Settlement Over Distribution of Painkillers
The Hartford Ordered to Pay $20M to Auto Body Shops
Broker Awarded $ 3.8M Verdict in Reputation Suit
Travelers Eyes Canada Growth with $1.1B Acquisition of The Dominion
Fracking Companies Silence Water Complaints With Sealed Settlements
Sign up to receive insurance news alerts!
