Menora Mivtachim

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. 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

• Economy of Israel