Type Public Headquarters Israel | Traded as TASE: HARL Founded 1935 | |
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Industry Insurance, Financial Services Founder Margot and Ernest Hamburger Key people Yair Hamburger, Chairman & CEO Products Life insurance, Provident Funds Stock price HARL (TLV) 2,053.00 ILA -12.00 (-0.58%)16 Mar, 5:24 PM GMT+2 - Disclaimer Subsidiaries Manof Pension Funds Management Ltd | ||
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.
History
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 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 expanded 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.