Israel's Clal Insurance Enterprises Holdings has entered into discussions with several companies to sell its UK operations, Broadgate Underwriting, which is Lloyd's of London underwriting syndicate.
Reuters quoted the Israeli-based Clal as expressing uncertainty in reaching a final agreement with respect to the deal.
Clal, a subsidiary of IDB Holding Corp, however did not disclose further details regarding the potential sale.
Broadgate was fully acquired by Clal from French Groupama in December 2001 and has contributed NIS210m in profit to Clal since its acquisition, according to media reports.
In 2010, for the first nine months Clal Insurance posted a pretax loss of NIS90m due to its reinsurance exposure to natural disasters.