Clemens von Weichs CEO and chairman of Euler Hermes, tells ICIC jubilee convention: Israel’s economy is considered one of the ten most advanced in the world; expects bankruptcies worldwide to increase by 7% in 2007.

The Harel insurance company yesterday finalized the sale of ICIC shares to insurance giant Euler Hermes. Upon the completion of the deal ICIC will be jointly owned by Harel, Bituach Haklai and Euler Hermes, each with a 33.3% stake.
Euler Hermes is considered the world’s largest credit insurer, with a 36% share of the global credit insurance market and insurance transactions valued at 850 billion euros annually. The company operates in over 50 countries worldwide and this is its first acquisition in Israel. At ICIC’s jubilee event, held last night in Tel Aviv, Clemens von Weichs, the CEO and chairman of Euler Hermes said that his company views Israel as one of the ten most advanced economies in the world, and that this is one of the reasons the company chose to expand its operations to Israel.
As for the international markets, Von Weichs was less enthusiastic. He told the convention’s participants, who included hundreds of senior Israeli corporate executives, that he expects the growth in global output to decline from 4% in 2006 to 3.3% in 2007. Von Weichs also offered his estimate for bankruptcies around the world, which he figures will be up 7%, compared to 2006.
David Milgrom says that Euler Hermes’ entry into the company will give Israeli exporters access to a massive database of information on the financial status of companies around the world, with which Israeli exporters have business dealings.