Euler Hermes partners with Israel’s leading credit insurer

This operation finalizes the complete change in ICIC’s shareholding structure that started a few months ago: Through Euler Hermes’ entry in its capital, ICIC will gain access to the expertise and worldwide presence of Euler Hermes and will therefore significantly improve the service quality for its exporting clients. In parallel, ICIC’s two new Israeli shareholders, Harel Insurance Investment & Finance, the second largest insurance group in Israel, and Bituach Haklaï, are well established in the Israeli economy. Their tight-knit commercial network will allow ICIC to develop its domestic activity.

With this operation, Euler Hermes reinforces its presence in the Mediterranean basin by entering a new country where it will hold a strong position: with a turnover of around 16 million euros, ICIC holds a 55 percent market share in Israel.

"Israel is a dynamic economy with an annual gross domestic product growth of over four percent during the last three years. The new shareholding structure will allow ICIC to fully benefit from this dynamism thanks to the experience of ICIC’s teams, the high quality of its two Israeli shareholders and Euler Hermes’ expertise and international network. Together, the partners in ICIC will consolidate the leadership of the company and make it grow", said Clemens von Weichs, chairman of the management board of the Euler Hermes group.