Menora Mivtachim: The Fishel Frish Family's Israeli Pension and Insurance Engine — And the 2025–2026 Histadrut Investigation

Menora Mivtachim Holdings Ltd. (TASE: MMHD) is one of Israel's three largest institutional financial groups, managing more than NIS 300 billion (~$89 billion) in assets, holding approximately 30 percent of Israel's new pension market, and serving more than one million Israelis saving for retirement. The group has been controlled by the same family lineage since 1963 — originally the Fishel Frish family, today through heirs Tali Griffel and Niva Gurevitch, who together hold approximately 63.25 percent of the shares in trust through Liechtenstein-based Palamas Establishment and Najaden Establishment. Founded 1935 as General Liability Office. CEO: Ari Kalman. Chairman of Holdings: Eran Griffel.

The 1935 Founding and the 1963 Family Acquisition

Menora Mivtachim traces to 1935, when it was incorporated during the British Mandate period as General Liability Office, initially operating as the authorized Israeli representative of the London insurance market Lloyd's. In 1939, it began operating as a full insurance company in its own right.

In 1963, the group was acquired by the Fishel Frish family, and has remained under continuous family control ever since — one of the longest single-family control positions in Israeli insurance. The Frish family holds the group as a multi-generational insurance and long-term-savings platform, not as a portfolio investment.

In 1982, the group completed an initial public offering on the Tel Aviv Stock Exchange. It is a constituent of the TA-90 and TA-125 indices.

The Current Control Structure

Public filings identify the current controlling shareholders as Tali Griffel and Niva Gurevitch — the two family heirs. Their positions are held through two foreign corporations, Palamas Establishment and Najaden Establishment, which together hold in trust approximately 63.25 percent (fully diluted 62.28 percent) of Menora Mivtachim Holdings shares. The trusts have granted Griffel and Gurevitch respective powers of attorney to vote at general meetings, and they are formally designated the company's controlling shareholders.

The structure — Liechtenstein-registered establishments holding TASE-listed shares in trust for named family beneficiaries — is a common Israeli family-holding pattern for multi-generational institutional-scale positions.

The 2004 Pension-Fund Acquisition That Defined the Group

The single most consequential transaction in Menora's post-listing history was the 2004 acquisition of shares in Menora Mivtachim Pension and Provident Funds Ltd., which operates the flagship comprehensive pension fund Menora Mivtachim Pension (formerly Mivtachim) — historically Israel's largest new pension fund by membership — and the general pension fund Menora Mivtachim Supplementary (formerly New Mivtachim Plus).

Israeli households allocate long-term savings across pension funds, provident funds, and mutual funds. Menora's 2004 acquisition placed the group at the center of the pension leg, with the largest single share of the Israeli new pension market. In 2006, the holding company changed its name from General Liability Office Ltd. to Menora Mivtachim Holdings Ltd., aligning the corporate name with the flagship pension brand.

General Insurance, Motor, and Health

Menora is the largest general insurer in Israel and the market leader in motor insurance, operating through Menora Mivtachim Insurance Ltd. and Shomera Insurance Company Ltd., the latter acquired in 2007. Shomera focuses on compulsory motor and property insurance, alongside Sinai Insurance Agency and Arnon & Weinstock Insurance Agency.

Life insurance runs through Menora Mivtachim Insurance's participating and non-participating life products, alongside Orot Life Insurance Agency (2005) Ltd. for long-term-savings distribution. Health insurance rounds out the retail insurance franchise — including the "Healthy Together" supplemental health policy, which covers more than 300,000 Histadrut members.

The 2016–2022 Non-Bank Finance Build-Out

In 2016–2017, Menora acquired 30 percent of Ampa Capital Ltd. and 40 percent of ERN Ltd. — companies operating in the non-banking finance sector, focused on discounting post-dated checks, clearing, and credit-guarantee services. In September 2022, Menora acquired the balance of ERN Israel.

Also in 2017, Menora merged and sold the Menora Mivtachim Finance investment-house operation — mutual fund management and portfolio management — to Altshuler Shaham Ltd., retaining a 20 percent stake in Altshuler Shaham's mutual funds management company. The transaction rationalized the group around its core pension-and-insurance franchise while retaining minority upside in the consolidating mutual-funds sector.

International Real Estate and Renewables

Menora deploys long-duration insurance and pension capital into international real estate as part of its portfolio-diversification strategy. Named 2021 commitment: $88 million to Hines European Value Fund 2 (HEVF 2), alongside $20 million from private Israeli co-investors — the first capital Hines raised from Israeli institutions. Menora is also active in solar generation through a joint venture with Canadian Solar structured for Israeli and international projects, and holds real estate positions in Greece, Italy, and other European markets.

The 2025–2026 Histadrut Corruption Investigation

In November 2025, Israeli police completed a covert two-year investigation into a corruption case at the intersection of Menora Mivtachim and the Histadrut, Israel's national labor federation. Several senior Histadrut officials were arrested during the initial operation, including Histadrut chairman Arnon Bar-David and his wife Hila Bar-David. The investigation involves allegations of bribery, fraud, breach of trust, money laundering, and tax offenses.

In July 2026, Israel Police escalated the case as it reached Menora directly, ordering the freezing of approximately NIS 183 million ($54 million) in assets belonging to Menora Mivtachim and several senior executives — a preservation order in advance of possible forfeiture should indictments be filed and convictions obtained. Executives whose assets were frozen include CEO Ari Kalman, Menora Mivtachim (operating) Chairman Yehuda Ben-Assayag, and Menora Mivtachim Holdings Chairman Eran Griffel.

The investigation centers on the "Healthy Together" supplemental health insurance policy that covers more than 300,000 Histadrut members. Police suspect that since 2019, Menora used an intermediary (identified as Gabbay in Israeli media reporting) to secure and repeatedly renew the policy despite an absence of financial support from the Histadrut itself, allegedly through payments intended to influence Bar-David to advance Menora's commercial interests.

In a filing with the Tel Aviv Stock Exchange, Menora stated the asset freeze does not affect its financial stability or day-to-day operations, and that the company and its executives are cooperating fully with investigators. The investigation is active at the time of publication.

Why Menora Matters to Israeli Household Savings

Israeli households allocate long-term savings across pension funds, provident funds, and mutual funds. Menora sits at the center of the pension leg through its ~30 percent share of Israel's new pension market — the mandatory retirement-savings vehicle for the majority of private-sector employees since the Bachar-era reforms of the mid-2000s. Insurance-anchored operators like Menora (alongside Migdal, Clal, Harel, and Phoenix) dominate pension AUM in ways that non-bank asset managers do not.

Related Olam Coverage

• Menora Mivtachim: The Quiet Giant in Israeli Savings and Retirement Capital — the strategic thesis piece: why Menora's quiet posture, six decades of Fishel Frish family control, and structural pension inflows make it one of the most important embedded institutional owners on the Tel Aviv Stock Exchange.
• Zvi Stepak on Meitav Dash — the parallel non-bank asset-management side of the Israeli long-term-savings market.
• Joseph Hackmey on the 2002 Israel Phoenix Assurance sale — the historical insurance-sale that reshaped the sector under the same regulatory arc.
• Banking & Institutional Capital — Olam's full coverage of the Israeli insurers, banks, and institutional capital pool.

Frequently Asked Questions

What is Menora Mivtachim?
One of Israel's three largest institutional financial groups. More than NIS 300 billion ($89B) in AUM. ~30 percent of Israel's new pension market. Largest general and motor insurer in Israel. Listed on the Tel Aviv Stock Exchange as MMHD.

Who owns Menora Mivtachim?
The Fishel Frish family has controlled the group since 1963. Current-generation heirs Tali Griffel and Niva Gurevitch hold approximately 63.25 percent of shares in trust through Palamas Establishment and Najaden Establishment.

When was Menora Mivtachim founded?
Incorporated 1935 as General Liability Office (Lloyd's representative in Israel). Began operating as an insurance company in 1939. Renamed Menora Mivtachim Holdings in 2006.

Who runs Menora Mivtachim today?
CEO Ari Kalman. Chairman of Menora Mivtachim Holdings Eran Griffel. Chairman of Menora Mivtachim (operating subsidiary) Yehuda Ben-Assayag. Headquartered at Zeev Jabotinsky 23, Ramat Gan.

What is the July 2026 asset freeze about?
Israel Police ordered the freezing of approximately NIS 183 million ($54 million) in assets belonging to Menora and several senior executives — including CEO Ari Kalman — as part of an active investigation into alleged bribery involving Menora's "Healthy Together" supplemental health policy for Histadrut members, and Histadrut chairman Arnon Bar-David. Menora says the freeze does not affect financial stability or operations, and the executives are cooperating with investigators.