Harel Group
Encyclopedia
Harel Insurance Investments and Financial Services Ltd. is the third largest insurance group in Israel, a public company whose shares are traded on the Tel Aviv Stock Exchange
and was once included in the TA-25 Index. It is controlled by the Hamburger Family, which has approx. 41% of the Company's shares (mainly through a holding company), while Sampoerna Capital PTE, a Singapore based company, holds approximately 21% of the Company's shares.
at the time of the British Mandate of Palestine founded HaMishmar, a small insurance agency.
In 1975, the family established their first insurance company "Harel". In 1982 Harel Insurance and Finances (then known as Harel Hamishmar Investments Ltd.), was established and the ownership of Harel and the Hamishmar were transferred to its ownership. The same year, the company had an initial public offering
on the Tel Aviv Stock Exchange
.
During the 1980s and 1990s the company acquired a number of other insurance companies in Israel (including: Sahar, Zion, Shiloach and Dikla) and consolidated its position to become Israel's third largest insurance group. During the 2000s the company expended its activities and entered the pension
and mutual funds markets.
In 2007, the name of the company was changed to "Harel Insurance Investments and Financial Services Ltd.".
In July 2009, the UK subsidiary of Harel - Harel (UK) Limited - was approved as a registered Lloyd's of London
Broker.
In December 2009 Harel acquired EMI, an Israeli mortgage unit of AIG - American International Group
for $35.5m.
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....
and was once included in the TA-25 Index. It is controlled by the Hamburger Family, which has approx. 41% of the Company's shares (mainly through a holding company), while Sampoerna Capital PTE, a Singapore based company, holds approximately 21% of the Company's shares.
History
In 1935, Ernst and Margot Hamburger, German Jews who moved to Tel AvivTel Aviv
Tel Aviv , officially Tel Aviv-Yafo , is the second most populous city in Israel, with a population of 404,400 on a land area of . The city is located on the Israeli Mediterranean coastline in west-central Israel. It is the largest and most populous city in the metropolitan area of Gush Dan, with...
at the time of the British Mandate of Palestine founded HaMishmar, a small insurance agency.
In 1975, the family established their first insurance company "Harel". In 1982 Harel Insurance and Finances (then known as Harel Hamishmar Investments Ltd.), was established and the ownership of Harel and the Hamishmar were transferred to its ownership. The same year, the company had an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on the Tel Aviv Stock Exchange
Tel Aviv Stock Exchange
The Tel Aviv Stock Exchange in Tel Aviv is Israel's only stock exchange.The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy....
.
During the 1980s and 1990s the company acquired a number of other insurance companies in Israel (including: Sahar, Zion, Shiloach and Dikla) and consolidated its position to become Israel's third largest insurance group. During the 2000s the company expended its activities and entered the pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
and mutual funds markets.
In 2007, the name of the company was changed to "Harel Insurance Investments and Financial Services Ltd.".
In July 2009, the UK subsidiary of Harel - Harel (UK) Limited - was approved as a registered Lloyd's of London
Lloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals or corporations, come together to pool and spread risk...
Broker.
In December 2009 Harel acquired EMI, an Israeli mortgage unit of AIG - American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
for $35.5m.
Activities
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