Menora Mivtachim is an Israeli insurance company that is publicly traded on the
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange (TASE; ; colloquially known as The Bursa, ) is Israel's only public stock exchange and a public company that has been traded on the Tel-Aviv Stock Exchange since August 1, 2019. Legally, the exchange is regulated by ...
.
History
The company was founded in 1935 as General Liability Office and changed its name to Menora Mivtachim Holdings in 2006.
It is headquartered in
Tel Aviv
Tel Aviv-Yafo ( he, תֵּל־אָבִיב-יָפוֹ, translit=Tēl-ʾĀvīv-Yāfō ; ar, تَلّ أَبِيب – يَافَا, translit=Tall ʾAbīb-Yāfā, links=no), often referred to as just Tel Aviv, is the most populous city in the ...
,
and its products include "life assurance, health insurance, car insurance, business insurance and personal insurance."
In January 2018, it was described by ''The New York Times'' as "one of Israel's largest financial institutions."
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
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
) for issuing loans without requisite securities.
Menora cooperated with the investigation and addressed the issues that surfaced.
In 2017, Menora Mivtachim invested "roughly $30 million" in
Kushner Companies
Kushner Companies LLC is an American real estate developer in the New York City metropolitan area. The company's biggest presence is in the New Jersey residential market.
A study published in December 2017 by ''Bloomberg News'' indicated that ...
,
which was spent on "a
Maryland
Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...
development."
The company also invested $60 million together with Canadian Solar Inc., to develop solar power projects in Israel.
In 2018, Menora Mivtachim joined the strategic team behind IBM's Alpha Zone startup accelerator
that focuses on post Seed & Round A funded companies in the fields of Retail, Healthcare, Transport, Energy, Telco and Media.
Menora Mivtachim holds 4% in Wix, after initially investing in 2017 and increasing their investment dramatically in 2018.
See also
*
Economy of Israel
References
{{DEFAULTSORT:Menora Mivtachim
Companies listed on the Tel Aviv Stock Exchange
Insurance companies of Israel
Companies based in Tel Aviv
Financial services companies established in 1935
1935 establishments in Mandatory Palestine