Harel Group

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Harel Insurance Investments and Financial Services Ltd.
Type Public
Traded as TASEHARL
Industry Insurance, Financial Services
Founded 1935
Founder(s) Margot and Ernest Hamburger
Headquarters Ramat Gan, Israel
Key people Yair Hamburger, Chairman & CEO
Products Life insurance, Provident Funds
Operating income Increase 10,695 million (2010)[1]
Profit Increase 535 million (2010)
Employees ~2000 (2009)
Subsidiaries Harel Insurance Company Ltd.
Dikla Insurance Company Ltd.
The Israel Credit Insurance Company Ltd.
Hamishmar Insurance Agency Ltd.
Website www.harel-group.com

Harel Insurance Investments and Financial Services Ltd. (Hebrew: הראל השקעות בביטוח ושירותים פיננסים בע"מ‎) is the third largest insurance group in Israel, a public company whose shares are traded on the Tel Aviv Stock Exchange and is included in the TA-100 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.[2]

History[edit]

In 1935, Ernst and Margot Hamburger, German Jews who moved to Tel Aviv 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.[2]

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.[2]

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.[3]

In December 2009 Harel acquired EMI, an Israeli mortgage unit of AIG - American International Group for $35.5m.[4]

Activities[edit]

See also[edit]

References[edit]

  1. ^ "Harel Insurance Investments & Financial Services Ltd.". Tel Aviv Stock Exchange. 2011. Retrieved 29 August 2011. 
  2. ^ a b c "Harel Group - Company Profile", BusinessWeek, retrieved 2010-05-28 
  3. ^ "Harel (UK) Limited - approval as a Lloyd's Broker", Lloyd's, 1 July 2009, retrieved 2010-05-28 
  4. ^ "Harel Insurance buys AIG unit for $35.5m", Reactions, 24 December 2009, retrieved 2010-05-28 

External links[edit]