Lloyd's broker, Howden Insurance Brokers, has announced the launch of Davidoff Howden based in Israel.

The specialist critical liability insurer has struck a multi-million pound deal with the Davidoff Insurance Group to create the first broker in Israel to focus on business critical risks, including directors' and officers' liability (D&O), professional indemnity (PI), fraud and cyber-liability.

The newly created Davidoff Howden unit has a projected growth of 30% in its first financial year to September 2003.

Davidoff Howden director David Howden said: "We are delighted to have been able to strengthen Howden Insurance Brokers' presence in the Israeli market.

"Israel has vibrant capital markets and more companies traded on NASDAQ and NYSE than any other country outside North America.

"New legislation requires professionals such as investment managers to obtain liability insurance. All these factors contribute to a significant increase in demand for D&O and PI insurance."

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