The Phoenix Holdings (TASE: PHOE), the biggest insurance coverage firm in Israel by market cap, is shopping for worth 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 purchasing obligatory and complete automobile insurance coverage.
Sources inform “Globes” that insurance coverage company Oren Mizrah, one in all The Phoenix Holdings’ businesses, 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 can be accessible for offset in opposition to income. 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, comparable to 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 automobile insurance coverage, which is essentially the most aggressive sector of the insurance coverage market.
In line with the knowledge that has reached “Globes”, Oren Mizrah will preserve the Wobi model and repair, and plans to develop the usage of the engine to different merchandise the place the competitors is much less sturdy and complex, comparable to residence, 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 vital further 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.
