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Moody's assigns financial strength rating to Israeli Credit Insurance

Moody's on March 6 assigned Israeli Credit Insurance Co. Ltd. an insurance financial strength rating of A3.

ICIC, the largest credit insurer in Israel, is jointly owned by France's Euler Hermes Group SA and Israel's Harel Insurance Investments. Its share in Israel's credit insurance market is consistently in excess of 40%, and it has an even bigger share of the market for export business, Moody's noted.

The A3 financial strength rating is driven by ICIC's stand-alone credit profile, which reflect the company's strong capitalization owing to its high-quality equity capital and significant reinsurance protection. The rating also reflect the likelihood of support from its parent entities, if required.

The outlook on the firm is stable, reflecting Moody's expectation that ICIC will be able to maintain its strong capitalization and very good profitability, while retaining its strong market position. It also reflects the stable outlook for Euler Hermes and Israel.