Migdal Insurance
Full Text
מגדל אחזקות ביטוח ופיננסים בע"מ
Head office: Ef'al St. 4, Petah Tikva 4951229, Israel. Tel.: +972-76-8868962
A publicly traded Israeli company operating in the fields of insurance, pensions and financial services.
As previous research by Who Profits has shown, Migdal and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Exploitation of Occupied Natural Resources
Ruach Beresheet
Migdal holds 8.45% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Migdal participated in the financing of Enlight’s "Ruach Beresheet" Wind Energy Project in the occupied Syrian Golan. In July 2020, Migdal, as part of a consortium with Hapoalim Bank, signed a financing agreement with Enlight Renewable Energy for the establishment of the wind farm. The wind farm is located in the southeast of the Syrian Golan and was established in partnership with the settlements of Yonatan, Alonei HaBashan, Ramat Magshimim, Mevo Hama, Natur, Kanaf, Avnei Eitan and Ma'ale Gamla, which own part of the project. The wind farm features 39 wind turbines and is expected to provide electricity to 70,000 Israeli households on both sides of the Green Line. The project also includes the construction and expansion of 35 km of roads and a high-voltage line that will include optical fibers that will be spread across the Syrian Golan and will enable high-speed Internet for the settlements in the area.
ARAN Wind Project
Migdal holds 6.22% of the shares of Afcon Holdings, which won the tender for Afcon won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Financing Settlements Transportation – the Jerusalem Light Rail
In 2020, Migdal, along with Hapoalim Bank and the First International Bank of Israel, financed the expansion of the Jerusalem Light Rail Red Line and the construction of the Green Line with NIS 3.5 billion.
The Jerusalem Light Rail connects Israeli settlements in occupied East Jerusalem to the center of the city and its western side and is contingent on the expropriation of Palestinian land and the further territorial fragmentation of the city’s Palestinian neighborhoods. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the Expansion of the JLR Network: The J-Net Project.
Holdings in Complicit Companies
Through its holdings in other companies, Migdal is complicit in settlement expansion and construction on occupied land.
Migdal holds 11.67% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Migdal holds 8.35% of the shares of Shikun & Binui Group, which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Migdal holds 0.62% of the shares of Elbit systems, Israel’s biggest military and arms company, works closely with the Israeli military to which it develops and supplies weapon and surveillance systems. Elbit Systems' weapon systems and armaments have been extensively used in the ongoing attacks on Gaza and in Israeli military attacks in Lebanon. For more on Elbit Systems’ complicity in the 2023 Israeli attack on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
A publicly traded Israeli company operating in the fields of insurance, pensions and financial services.
As previous research by Who Profits has shown, Migdal and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Exploitation of Occupied Natural Resources
Ruach Beresheet
Migdal holds 8.45% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Migdal participated in the financing of Enlight’s "Ruach Beresheet" Wind Energy Project in the occupied Syrian Golan. In July 2020, Migdal, as part of a consortium with Hapoalim Bank, signed a financing agreement with Enlight Renewable Energy for the establishment of the wind farm. The wind farm is located in the southeast of the Syrian Golan and was established in partnership with the settlements of Yonatan, Alonei HaBashan, Ramat Magshimim, Mevo Hama, Natur, Kanaf, Avnei Eitan and Ma'ale Gamla, which own part of the project. The wind farm features 39 wind turbines and is expected to provide electricity to 70,000 Israeli households on both sides of the Green Line. The project also includes the construction and expansion of 35 km of roads and a high-voltage line that will include optical fibers that will be spread across the Syrian Golan and will enable high-speed Internet for the settlements in the area.
ARAN Wind Project
Migdal holds 6.22% of the shares of Afcon Holdings, which won the tender for Afcon won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Financing Settlements Transportation – the Jerusalem Light Rail
In 2020, Migdal, along with Hapoalim Bank and the First International Bank of Israel, financed the expansion of the Jerusalem Light Rail Red Line and the construction of the Green Line with NIS 3.5 billion.
The Jerusalem Light Rail connects Israeli settlements in occupied East Jerusalem to the center of the city and its western side and is contingent on the expropriation of Palestinian land and the further territorial fragmentation of the city’s Palestinian neighborhoods. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the Expansion of the JLR Network: The J-Net Project.
Holdings in Complicit Companies
Through its holdings in other companies, Migdal is complicit in settlement expansion and construction on occupied land.
Migdal holds 11.67% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Migdal holds 8.35% of the shares of Shikun & Binui Group, which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Migdal holds 0.62% of the shares of Elbit systems, Israel’s biggest military and arms company, works closely with the Israeli military to which it develops and supplies weapon and surveillance systems. Elbit Systems' weapon systems and armaments have been extensively used in the ongoing attacks on Gaza and in Israeli military attacks in Lebanon. For more on Elbit Systems’ complicity in the 2023 Israeli attack on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
Migdal Insurance
מגדל אחזקות ביטוח ופיננסים בע"מ
Head office: Ef'al St. 4, Petah Tikva 4951229, Israel. Tel.: +972-76-8868962
A publicly traded Israeli company operating in the fields of insurance, pensions and financial services.
As previous research by Who Profits has shown, Migdal and other major Israeli insurance companies are complicit in financing settlement construction, settlement transportation projects, exploitation of occupied natural resources, and in Israel’s military-industrial complex, both directly and through their holdings in other complicit companies.
For more on the complicity of Israeli insurance companies and pension funds see Who Profits’ report: Insuring Dispossession: The Complicity of Five Israeli Insurance and Pension Companies in the Violation of Palestinian Rights.
Exploitation of Occupied Natural Resources
Ruach Beresheet
Migdal holds 8.45% of the shares of Enlight Renewable Energy, which develops and operates several renewable energy projects in the occupied Syrian Golan.
Migdal participated in the financing of Enlight’s "Ruach Beresheet" Wind Energy Project in the occupied Syrian Golan. In July 2020, Migdal, as part of a consortium with Hapoalim Bank, signed a financing agreement with Enlight Renewable Energy for the establishment of the wind farm. The wind farm is located in the southeast of the Syrian Golan and was established in partnership with the settlements of Yonatan, Alonei HaBashan, Ramat Magshimim, Mevo Hama, Natur, Kanaf, Avnei Eitan and Ma'ale Gamla, which own part of the project. The wind farm features 39 wind turbines and is expected to provide electricity to 70,000 Israeli households on both sides of the Green Line. The project also includes the construction and expansion of 35 km of roads and a high-voltage line that will include optical fibers that will be spread across the Syrian Golan and will enable high-speed Internet for the settlements in the area.
ARAN Wind Project
Migdal holds 6.22% of the shares of Afcon Holdings, which won the tender for Afcon won the tender for carrying out electrical works and civil infrastructure for the ARAN project. The ARAN project of Energix Renewable Energies is a large wind turbine farm in the occupied Syrian Golan. The project will include 41 wind turbines, 200 meters long each, built on agricultural land owned by Syrian farmers. Additionally, Afcon supplies services to the Israeli military, the Israel Prison Service and the Israel Police.
For more on the Israeli wind energy industry in the occupied Golan, see Who Profits reports Greenwashing Dispossession: The Israeli Renewable Energy Industry and the Exploitation of Occupied Natural Resources and Greenwashing the Golan: The Israeli Wind Energy Industry in the Occupied Syrian Golan.
Financing Settlements Transportation – the Jerusalem Light Rail
In 2020, Migdal, along with Hapoalim Bank and the First International Bank of Israel, financed the expansion of the Jerusalem Light Rail Red Line and the construction of the Green Line with NIS 3.5 billion.
The Jerusalem Light Rail connects Israeli settlements in occupied East Jerusalem to the center of the city and its western side and is contingent on the expropriation of Palestinian land and the further territorial fragmentation of the city’s Palestinian neighborhoods. For more on the Jerusalem Light Rail, see Who Profits Update: Developments in the Expansion of the JLR Network: The J-Net Project.
Holdings in Complicit Companies
Through its holdings in other companies, Migdal is complicit in settlement expansion and construction on occupied land.
Migdal holds 11.67% of the shares of Electra, which is involved in construction in the occupied West Bank and East Jerusalem and provides service to the Israeli military and the Israel Police.
Migdal holds 8.35% of the shares of Shikun & Binui Group, which has significant involvement in the construction and expansion of settlements and infrastructure in the occupied West Bank and East Jerusalem. The company was also involved in the construction of the barrier surrounding the besieged Gaza.
Migdal holds 0.62% of the shares of Elbit systems, Israel’s biggest military and arms company, works closely with the Israeli military to which it develops and supplies weapon and surveillance systems. Elbit Systems' weapon systems and armaments have been extensively used in the ongoing attacks on Gaza and in Israeli military attacks in Lebanon. For more on Elbit Systems’ complicity in the 2023 Israeli attack on Gaza, see Who Profits’ report The Companies Supplying Weapons to Israel’s Attack on Gaza.
Ownership
The company is publicly traded on the Tel Aviv Stock Exchange under the ticker symbol: MGDL
Major shareholders include Shlomo Eliahu (60.9%) and Phoenix Financial Ltd. (5.14%).
CEO: Yossi Ben Baruch
Subsidiaries
Fully owned subsidiaries: Migdal Makcefet Pension & Provident Funds Ltd., Migdal Holdings and Management of Insurance Agencies Ltd., Mivtach – Simon Insurance Agencies Ltd., Sagi Yogev Insurance Agencies (1998) Ltd., Shaham Insurance Agencies (1977) Ltd., Peltours Insurance Agencies Ltd., Migdal Real Estate Holdings Ltd., Hamagen Properties Ltd., Pal-Hamagen House Ltd., Migdal Insurance Raising Capital Ltd., Migdal Capital Markets (1965) Ltd., Migdal Investment Portfolio Management (1998) Ltd., Migdal Trust Funds Ltd., Migdal Value Ltd., Migdal Market Making Ltd., Migdal Health and Quality of Life Ltd.
Partners
CAF (Construcciones y Auxiliar de Ferrocarriles), Shapir Engineering and Industry, Elbit Systems, Discount Bank, Afcon Renewable Energy (A.R.E), BayWa Renewable Energy, Green Lantern Capital, Sondex
* This section refers to the company's general business partners