Insurance companies have been stock market favorites in the past year. The Tel Aviv Insurance Index is up 185% over the year (to this morning’s opening) while the flagship Tel Aviv 35 Index has risen 80%.
The Hamburger family, which controls Harel Insurance Investments and Financial Services (TASE: HARL) has decided to cash in and to sell 3.2% of the company to overseas financial institutions for NIS 1.2 billion.
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The sale follows a 240% rise in Harel’s share price in the past year. At this morning’s opening, the company had a market cap of nearly NIS 40 billion, putting it in second place in the sector after Phoenix Financial. Yair Hamburger is chairperson of the company, whose CEO is Nir Cohen. Yair Hamburger’s son Ben is deputy chairperson while his brother Gideon is also a director.
The Hamburger family sold 6.6 million Harel shares (3.2% as mentioned) at NIS 184 per share, representing a 5% discount on the closing price yesterday. The family will remain in control of the company, with a 42.2% stake.
Jefferies and Leader Capital Markets advised on the transaction.
Sources familiar with the details of the transaction said, “The share sale was made to a small number of global investors. Most of the shares were sold to long only investors, with the remainder going to several leading hedge funds.”
Last July, the Hamburger family sold a 1% stake in Harel for NIS 200 million to Clal Insurance. Clal bought the shares at NIS 106.7 each, and on the basis of the price in the current sale it has made a 72% gain on paper.
Published by Globes, Israel business news – en.globes.co.il – on April 15, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.
