Archimedes Global Ltd. has founded Archimedes Global Georgia, which will provide health insurance in that country, beginning in January. The company's inauguration ceremony will be held tonight in Tbilisi, in the presence of the mayor, Georgian business leaders, the Israeli ambassador, and representatives of Archimedes Global's owners.
Archimedes Global investors are Dovrat Group unit D Partners, Bank Leumi (TASE: LUMI) unit Leumi & Co., and the Madanes Group. The company owns 80% of a Kazakh insurance company and is also active in Western Europe.
Archimedes Global closed its first financing round in January. Archimedes Global Georgia has $650,000 in shareholders' equity, the minimum capital under Georgian law. It will be the first insurance company in the country to specialize solely in health insurance.
Archimedes Global is the latest Israeli insurer to go international. Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS) is now active in the UK, US, and Romania; IDI Israel Direct Insurance Ltd. (TASE: IDI) is active in Poland, the Czech Republic, and Russia; Delek Group Ltd. (TASE: DLEKG) operates in the US; Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) in Greece; and Kardan operates throughout Eastern Europe through TBIH Financial Services Group NV.
Published by Globes [online], Israel business news - www.globes-online.com - on December 19, 2007
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