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British and Israel Firms Set Up Insurance Company in Jewish State with $300,000 Capital

An agreement to establish the “Israel-Phoenix Insurance Company” with the participation of the British insurance company, Phoenix, and the Israel Trust and Investment Corporation, was reached here today. The new firm will have an initial capitalization of $300,000, with each participant in the venture investing half.

It is noted here that for the time since the proclamation of Israel statehood, the Bank of England — in allowing the Phoenix company to participate in the new enterprise — has permitted the transfer of British funds to Israel for investment purposes.