Gideon Tadmor Enters as Partner in Menora Mivtachim Underwriting Company

In depth

Insurance group Menora Mivtachim will reduce its stake in Menora Mivtachim Underwriting to 19.99%. According to reports, Gideon Tadmor, controlling shareholder of the oil and gas partnership Navitas Petroleum, will enter the company as an investor and hold 36.7% through Tadmor Group, his private investment company. Gil Calderon, CEO and founder of the company, will also hold 36.7%.

According to Bizportal, the aim of the move is to expand underwriting activities, enter new financial sectors and expand into international markets. Calderon and Dan Rimon, Deputy CEO, will continue to manage the company. According to TheMarker, Tadmor's move places him in a new field after sectors such as oil and gas, data centers and cinema.

According to Calcalist, as long as Menora holds more than 20% of the underwriting company, it is limited in the scope of its participation in offerings it leads or is involved in. According to TheMarker, Menora Insurance will be required to prevent conflicts of interest in the management of policyholders' funds.