Menora Mivtachim
TypePublic
Founded1935
Headquarters
Tel Aviv
,
Israel
Websitewww.menoramivt.co.il Edit this on Wikidata

Menora Mivtachim is an Israeli insurance company that is publicly traded on the Tel Aviv Stock Exchange.[1]

History

The company was founded in 1935 as General Liability Office and changed its name to Menora Mivtachim Holdings in 2006.[2] It is headquartered in Tel Aviv,[2] and its products include "life assurance, health insurance, car insurance, business insurance and personal insurance."[3] In January 2018, it was described by The New York Times as "one of Israel's largest financial institutions."[4]

In 2009, The Israeli Ministry of Finance led a probe into Menora Mivtachim funds. In 2010, the company was fined $3.9 million (2010 USD) for issuing loans without requisite securities.[1][2] Menora cooperated with the investigation and addressed the issues that surfaced.

In 2017, Menora Mivtachim invested "roughly $30 million" in Kushner Companies,[4] which was spent on "a Maryland development."[5] The company also invested $60 million together with Canadian Solar Inc., to develop solar power projects in Israel.[3][4]

In 2018, Menora Mivtachim joined the strategic team behind IBM's Alpha Zone startup accelerator[5] that focuses on post Seed & Round A funded companies in the fields of Retail, Healthcare, Transport, Energy, Telco and Media.[6]

Menora Mivtachim holds 4% in Wix, after initially investing in 2017 and increasing their investment dramatically in 2018.[7]

See also

References

  1. 1 2 "Menora Mivtachim Holdings Ltd". Haaretz. Retrieved 1 March 2018.
  2. 1 2 3 "Company Overview of Menora Mivtachim Holdings Ltd". Bloomberg. 13 June 2010. Retrieved 1 March 2018.
  3. 1 2 "Menora Mivtachim Holdings Ltd". Financial Times. Retrieved 1 March 2018.
  4. 1 2 3 Drucker, Jesse (January 7, 2018). "Canadian Solar-Menora Mivtachim JV Invests in Solar Projects". The New York Times. Retrieved 1 March 2018. Shortly before, his family real estate company received a roughly $30 million investment from Menora Mivtachim, an insurer that is one of Israel's largest financial institutions, according to a Menora executive.
  5. 1 2 Helmore, Edward (January 8, 2018). "Menorah Mivtachim teams with IBM accelerator". The Guardian. Retrieved 1 March 2018. According to the report, the funds were directed into a Maryland development.
  6. ↑ "IBM - The Accelerator: IBM Alpha Zone - ישראל". www-05.ibm.com (in Hebrew). 2018-05-18. Retrieved 2018-05-30.
  7. ↑ "Menora Mivtachim Holdings LTD Boosted Wix Com LTD (WIX) Stake by $42.62 Million; As Facebook (FB) Stock Price Declined, Shareholder Matthew 25 Management Lifted Holding". heraldks.com. Retrieved 2018-05-30.
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