Berkshire gets regulatory nod to buy Clal Insurance's U.S. unit
TEL AVIV |
TEL AVIV Oct 23 (Reuters) - Pennsylvania state's insurance regulator approved a deal for Israel's Clal Insurance Enterprises Holdings to sell its subsidiary Clal U.S. Holdings Inc to National Indemnity Co, a unit of Berkshire Hathaway Inc.
Clal Insurance, a subsidiary of IDB Holding, announced the $221 million sale of its U.S. unit in August.
The company said on Tuesday it will seek in the coming days to conclude all necessary arrangements to complete the sale.
Clal U.S. Holdings owns U.S. insurer Guard Financial Group, which it bought five years ago for $120 million.
Last year Clal, one of Israel's top two insurers, sold Lloyd's of London insurer Broadgate Underwriting to Torus Insurance Holdings of Bermuda.
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