Israeli insurance group Clal has continued to retrench from its overseas acquisitions with an agreement to sell Guard Insurance to National Indemnity, a subsidiary of Berkshire Hathaway.
Berkshire Hathaway has agreed to pay $221mn, together with the release of a $48mn guarantee given by Clal Insurance to secure a loan, according to reports.
Guard is a US insurer that covers workers' severance pay.
Clal Insurance acquired Guard for around $100mn in May 2007 and has invested a total of $155mn...
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