Discount Bank will guarantee IAI deal with State of India for $600 Million. CRS led this deal by reinsuring $480 Million, with AA Reinsurers.
The Bank’s guarantee will be the main part of the agreement – the sale of Barak’s missile systems for $ 1.6 billion. Bank Discount was the only bank that managed to place the guarantee within two weeks, reinsured 80% of the guarantee and thereby reduced its exposure to $120 million.
Calcalist has been informed that the bank’s exposure to international AA reinsurers has been made possible through Capital Relief Solutions (CRS). Owners, Esti Friedman and Itzik Klein approached the reinsures to (Re)insure 80% of the guarantees.