Phoenix Holdings Bundle
Who owns The Phoenix Holdings Ltd. now?
When The Phoenix Holdings Ltd. moved from Delek Group control to a U.S.-led private equity consortium in 2019, ownership shifted dramatically. Founded in 1949, the group now combines PE control with a broad institutional and public float, overseeing life, health, pensions and large AUM.
Ownership today centers on a private equity-led control bloc plus significant institutional and retail shareholders; board composition and voting agreements reflect that split. See further strategic context in Phoenix Holdings Porter's Five Forces Analysis.
Who Founded Phoenix Holdings?
Ha’Phoenix Insurance Co. Ltd. was founded in Tel Aviv in 1949 by a consortium typical of Israel’s early post‑independence financial sector, established to supply modern insurance for a fast‑growing economy. Over subsequent decades ownership consolidated, with the Hackmey family emerging as the principal controlling owners from the late 1970s onward.
Founding context
Established in 1949 in Tel Aviv to support Israel’s post‑independence economic expansion; initial capital provided by a group of financial and commercial backers.
Early ownership model
Ownership reflected concentrated holdings among principal investors with customary buy‑sell understandings and staged liquidity events over time.
Hackmey family consolidation
By the late 1970s the Hackmey family had become synonymous with Phoenix’s stewardship and strategic direction across insurance lines.
Business expansion
Under family control the group expanded into life, general insurance and long‑term savings, creating the platform for a holding‑company structure.
Ownership opacity
Granular 1949 founder equity splits are not disclosed in modern filings; public records emphasize concentrated family control rather than founder‑by‑founder percentages.
Transition toward corporate ownership
Family control and capital allocation choices in late 20th century set the stage for the transition to broader corporate ownership and eventual public disclosures in the 2000s.
Control consolidation under the Hackmeys influenced governance, capital allocation and expansion pace; by the 1990s Phoenix had built diversified insurance and savings operations whose ownership evolution is documented in corporate filings and market reports, including this concise company overview: Brief History of Phoenix Holdings
Key facts and ownership pointers
Essential items to trace founders and early ownership and to link to current ownership records:
- Founding year: 1949; founded in Tel Aviv by a multi‑party financial consortium.
- Dominant family owner: Hackmey family control consolidated from the late 1970s.
- Structure evolution: expansion into life, general, and long‑term savings paved way for a holding company model by the 2000s.
- Public records: early founder equity splits are not itemized in contemporary filings; rely on historical registries, archived corporate minutes and securities filings for verification.
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How Has Phoenix Holdings’s Ownership Changed Over Time?
Key ownership events reshaped Phoenix Holdings from family control to corporate stewardship and then to a U.S.-led private equity consortium, driving capital-discipline, governance changes, and broader institutional and passive ownership by 2024–2025.
| Year / Phase | Major Stakeholders | Impact |
|---|---|---|
| 2006 | Delek Group (Yitzhak Tshuva) | Shift from Hackmey family to corporate-parent model; emphasis on scale and capital-market discipline |
| 2014–2017 | Delek sought buyers; proposed Chinese and other investors | Divestment attempts stalled amid regulatory and geopolitical scrutiny in Israel’s financial sector |
| 2019 | Centerbridge Partners & Gallatin Point Capital (PE consortium) | ~33% controlling stake acquired from Delek; governance reset toward efficiency and long-term savings growth |
| 2020–2022 | Institutional and passive holders grow | Inclusion in major indices increased passive ownership; expanded asset-management and digital capabilities; improved ROE through interest-rate cycle |
| 2023–2024 | PE consortium (reduced), Israeli pension/provident funds, mutual funds, global indexers | Secondary block sell-downs increased free float; broader shareholder base while PE group remained largest bloc |
Current (2024–2025) major stakeholders: the control group of Centerbridge and Gallatin Point remains the leading shareholder bloc, while Israeli long-term savings institutions, local funds/ETFs, and global index funds hold a significant share of the public float; insider and retail holdings also persist.
Ownership milestones
Key shifts: family → corporate → PE-led; index inclusion broadened passive ownership and liquidity on TASE.
- 2006: Delek acquisition initiated corporate-parent era
- 2019: PE consortium bought ~33%, resetting strategy
- 2023–2024: Block trades raised free float; institutions expanded holdings
- 2024–2025: Centerbridge & Gallatin remain largest bloc; institutions collectively hold much of remaining shares
For governance, shareholder filings and TA-125/TA-35 index reports through 2024 show persistent emphasis on solvency, risk-based pricing, dividends/buybacks, and transparency; see further context in this analysis: Growth Strategy of Phoenix Holdings
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Who Sits on Phoenix Holdings’s Board?
The current board of directors of Phoenix Holdings combines independent directors and representatives aligned with the private-equity control group; independent chairs lead key committees while control-group designees focus on strategic oversight and capital-allocation decisions.
| Director Role | Affiliation | Key Committee |
|---|---|---|
| Independent Chair | Independent | Audit Committee |
| Independent Director | Independent | Risk Committee |
| Control-Group Designee | PE Control Group | Strategy / Remuneration Committee |
Board composition follows Israeli corporate governance norms for insurers, maintaining an independent-majority framework while preserving the control bloc’s strategic influence and compliance with regulator expectations on solvency and disclosures.
Board and Voting Highlights
The company uses a one-share-one-vote structure on the Tel Aviv Stock Exchange with no public dual-class or golden-share arrangements; shareholder channels include AGM votes on directors, compensation and capital plans.
- Voting structure: one-share-one-vote on TASE
- Independent directors chair audit, risk and remuneration
- Control-group designees provide strategic oversight and alignment
- Engagement focus 2022–2024: capital allocation, solvency, ESG and board refreshment
Shareholder influence is exercised via routine AGM voting, with no high-profile proxy contests reported 2022–2024; increasing weight of domestic institutional and passive investors affects governance dynamics and voting outcomes—see Mission, Vision & Core Values of Phoenix Holdings for related context.
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What Recent Changes Have Shaped Phoenix Holdings’s Ownership Landscape?
Recent years show a clear drift from concentrated private-equity control toward a larger public float for Phoenix Holdings, driven by secondary sell-downs in 2023–2024, rising institutional allocations and TA-35 index flows that raised market liquidity and diversified ownership.
| Topic | Key development | Impact (2023–2025) |
|---|---|---|
| Secondary sell-downs | PE control group executed additional block trades in 2023–2024 | Enlarged free float; ~8–12% incremental public float per disclosed placements; increased ETF and pension holdings |
| Institutional accumulation | Israeli pension/provident managers and ETFs increased positions | Index-led flows (TA-35) and ETF issuance lifted passive ownership; institutional stake gains of several percentage points |
| Capital returns | Dividends and opportunistic buybacks amid higher investment income | Maintained regulatory solvency buffers; targeted ROE and solvency ratios consistent with Tier-1 insurer norms |
Secondary disposals were managed as orderly block trades to broaden ownership while preserving governance stability; no public moves toward dual-class shares or privatization emerged through mid-2025.
Secondary sell-downs
PE holders reduced concentration via block trades in 2023–2024, increasing free-float and enabling ETFs and pensions to accumulate shares tied to TA-35 flows.
Capital allocation
With higher investment income and elevated rates, the company prioritized disciplined dividends and opportunistic buybacks while maintaining solvency buffers for a Tier-1 insurer.
M&A and partnerships
Selective bolt-ons and digital, health and long-term savings partnerships supported AUM growth and diversified earnings amid market consolidation.
Industry trendlines
Between 2022–2025 institutional ownership rose across Israeli insurers; founders' residual influence diluted and activist focus sharpened on capital efficiency and governance transparency.
Analyst commentary and company disclosures through 2024–2025 indicate continued normalization of the control group's stake via orderly placements, steady institutional accumulation, board refreshes, and a likely maintenance of a one-share-one-vote structure; for additional context see Target Market of Phoenix Holdings.
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