American International Group announced that it has reached an agreement with Aurec Gold Investments Limited to acquire Aurec’s 49.99 percent interest in AIG Israel Insurance Company Ltd.
AIG currently owns 50.01 percent of AIG Israel, and upon completion of the transaction AIG Israel will become wholly-owned by AIG. The transaction is subject to approval by Israel’s Insurance Commissioner.
AIG said that it had agreed to a joint venture with Aurec to form AIG 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 AIG Israel has achieved “steady growth and profitability” each year since 2001.
AIG also announced that Shay Feldman has been appointed general manager of AIG Israel effective April 1. He is a native of Israel, and joined AIG 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 AIG Marketing Europe, which led direct marketing of AIG’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.