Swiss Re Deepens Israel Exit as Local Operations Head Departs

Swiss reinsurance giant Swiss Re is further reducing its management and business presence in Israel. In an email to partners, the company announced that Hillel Demblin, head of Life & Health (L&H) operations in Israel, will be leaving his position after more than 20 years with the company. Demblin will remain until the end of the year to ensure a smooth transition.

Instead of appointing a new country manager or CEO, Swiss Re Israel will not fill Demblin's role with a direct replacement at the same executive level. Jonathan Zevulun, currently a senior client manager, will take over the leadership of the L&H business in Israel. Zevulun, who has been with Swiss Re for 15 years in various actuarial and client management roles, will manage the operations but will not hold the official title of country manager.

This move aligns with Swiss Re's gradual withdrawal from the Israeli life and health insurance market. The company previously designated Israel as an "underperforming market" and shifted most of its health and disability contracts with local insurers to a "run-off" status, meaning existing policies are managed but no new business is accepted. This withdrawal culminated in demands to update old, loss-making drug insurance policies with Israeli insurers, notably The Phoenix, seeking pricing flexibility without regulatory approval.

The current management change follows recent staff reductions in Israel. At the time, Swiss Re cited a structural change where regional portfolio management would be handled directly from Switzerland. The absence of a new country manager further signifies the shift of management responsibilities abroad.

Despite the scaling back of L&H operations, Swiss Re assured partners that its General Insurance (P&C) business in Israel will not be affected. Augusto Diaz-Lianterra, Swiss Re's head of market units for continental Europe, thanked Demblin for his two decades of service.