The Phoenix Holdings (TASE: PHOE), the most important insurance coverage firm in Israel by market cap, is shopping for value comparability web site Wobi for NIS 150 million. Wobi is an Insurtech platform and digital insurance coverage agent for evaluating costs and shopping for insurance coverage merchandise. It’s primarily used for getting obligatory and complete car insurance coverage.
Sources inform “Globes” that insurance coverage company Oren Mizrah, certainly one of The Phoenix Holdings’ companies, signed an settlement on Friday for the acquisition of all of the shares of US firm White Mountains, which has an 86% holding in Wobi, and the remaining 14% from the opposite shareholders.
Wobi is estimated to have cumulative losses, which will likely be out there for offset towards earnings. Market sources stated that “the enterprise mannequin of comparability engines may be very costly to construct and keep and its profitability is low.”
There are different comparability engines within the Israeli insurance coverage market, resembling Polisa of insurance coverage company Veritas, owned by insurance coverage firm Harel (TASE: HARL), and Bestie, which is 50% owned by insurance coverage firm Menora Mivtachim (TASE: MMHD). The comparability engines primarily function in car insurance coverage, which is essentially the most aggressive sector of the insurance coverage market.
In response to the data that has reached “Globes”, Oren Mizrah will preserve the Wobi model and repair, and plans to broaden using the engine to different merchandise the place the competitors is much less sturdy and complex, resembling house, property, and pets insurance coverage. “The synergy between the Oren Mizrah company, which makes a speciality of non-life insurance coverage, with Wobi, may generate important extra revenue sooner or later,” the sources stated.
The deal was led by Oren Mizrahi chairperson Oren Cohen and Wobi CEO Eran Oren.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on October 5, 2025.
© Copyright of Globes Writer Itonut (1983) Ltd., 2025.
