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Phoenix Insurance Company
The Recanati family established Phoenix Insurance Company in 1949, creating what would become Israel's dominant multi-line insurer. The firm provides life,...
Phoenix Insurance Company
The Recanati family established Phoenix Insurance Company in 1949, creating what would become Israel's dominant multi-line insurer. The firm provides life, health, general, and nursing insurance products, alongside pension, provident, and credit solutions, operating as a consolidated subsidiary of its parent, Phoenix Holdings. Its ownership shifted decisively in 2019 when Yitzhak Tshuva's Delek Group sold its controlling stake to Belenus L.P., a vehicle formed by Centerbridge Partners and Gallatin Point Capital, which now holds 31.22%. The insurer's investment strategy spans three main asset classes: real estate equity, private credit, and fixed income. Its direct real estate portfolio includes mixed-use assets in Israel through the BST Group, a Swiss commercial portfolio held under the Eldista brand, and the 300 South Riverside Plaza office tower in Chicago. On the debt side, the firm operates a dedicated real estate lending vehicle — the Phoenix Real Estate Debt Fund — domiciled in the Cayman Islands and focused on US opportunities. The firm also holds a land parcel for development in Acre, Israel. Eyal Ben Simon leads Phoenix Financial Ltd. as CEO, with Benjamin Gabbay serving as Chairman. While the firm's total asset base is not publicly disclosed, its real asset portfolio demonstrates a deliberate geographic diversification between Israel and the United States. The Tel Aviv Museum of Art holds a piece donated by the firm, the 1983 sculpture Angelo. In March 2025, the firm completed the merger of Slice provident funds into its own platform, consolidating its retirement-savings market share. The firm's structural differentiator is its position as a subsidiary of a holding company controlled by a consortium of global distressed-credit and insurance specialists — Centerbridge and Gallatin Point — rather than a standalone family office or widely held public company. This governance model aligns insurance liability management with institutional asset management from two of the most active allocators in US and European private markets.
General information
Firm type
Insurance
Year founded
1949
AUM
Undisclosed
Location
Region
Middle East
Country
Israel
City
Givatayim
Corporate office
Givatayim, Israel
Principals
Eyal Ben Simon
CEO of Phoenix Financial Ltd.
Benjamin Gabbay
Chairman of the Board
Sector focus
Frequently asked questions
Who controls Phoenix Insurance Company?
The firm is a wholly-owned subsidiary of Phoenix Holdings. Since 2019, the controlling shareholder group has been Belenus L.P., a consortium formed by US-based Centerbridge Partners and Gallatin Point Capital, which holds a 31.22% stake. Yitzhak Tshuva's Delek Group was the prior controlling shareholder.
How does Phoenix Insurance allocate its general account?
The firm invests directly in real estate equity and debt. Confirmed equity holdings include Israeli mixed-use assets via BST Group, a Swiss commercial portfolio under the Eldista name, and the 300 South Riverside Plaza office building in Chicago. Its credit activity runs through the Phoenix Real Estate Debt Fund, a Cayman Islands-domiciled vehicle targeting US lending opportunities.
What is the relationship between Phoenix Insurance and Phoenix Holdings?
Phoenix Insurance Company is the operating insurance subsidiary fully owned by Phoenix Financial Ltd., which trades publicly under the Phoenix Holdings umbrella. Eyal Ben Simon serves as CEO of Phoenix Financial Ltd., and Benjamin Gabbay chairs the board of the parent entity.
Does Phoenix have any philanthropic structures?
The firm is associated with the Fiondella Fund, as noted in public records. It has also donated artwork to the Tel Aviv Museum of Art — the 1983 sculpture Angelo — consistent with a pattern of cultural philanthropy in Israel.
How is the firm exposed to US real estate?
Two documented US exposures exist. On the equity side, Phoenix owns the 300 South Riverside Plaza office building in Chicago. On the debt side, the Phoenix Real Estate Debt Fund is structured through a Cayman Islands vehicle to originate real estate loans in the United States.
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