Harel Insurance Investments and Financial Services Ltd. (HARL.TV) said Wednesday it has bought EMI Ltd., an Israeli unit of American International Group Inc. (AIG) for $35.5 million.

EMI is currently held by AIG through its Guaranty Corp unit.

The deal is subject to Israeli regulatory approval, Harel said.

EMI provides insurance to protect mortgage banks against defaults. Its net profit for the first nine months of 2009 was 53.9 million shekels ($14.2 million), Harel said.

Harel is an Israeli company with interests in financial services, real-estate and insurance.

At 1300 GMT, shares of Harel were up ILS2.10, or 1.14%, at ILS186.00 in a higher Tel Aviv market.

-By Sara Toth Stub, Contributing to Dow Jones Newswires, saratoth@gmail.com
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