Eliyahu Insurance yesterday won the contract to insure four new power stations that the Israel Electric Corporation plans to build in the coming years.

The power stations will be insured for an estimated total of $800 million, the sum the IEC plans to invest in equipment and setting up the turbines.

The premium is estimated to be around $5 million, making the contract one of the largest insurance contracts ever created in Israel.

Eliyahu VP of Elementary Insurance Gad Nussbaum said yesterday that most of the large insurance companies in Israel had competed in the tender for the insurance contract. The choice of Eliyahu Insurance, a relatively small insurance company, was surprising.

Eliyahu is backed with reinsurance from some of the worlds largest reinsurance consortia, headed by Munich Re and Swiss Re.

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