Business Tycoon Gideon Tadmor Expands Empire into Underwriting

Businessman Gideon Tadmor, founder of Navitas, whose wealth is estimated in the billions of shekels, is partnering with Gil Calderon at Menora Underwriting, expanding his diverse business interests. Tadmor, who left Delek Group in 2016, has amassed hundreds of millions of shekels and is now considered a tycoon with a net worth in the billions. His primary asset is the international oil and gas partnership Navitas, traded on the TA 35 index with a market cap of approximately 15 billion shekels. Tadmor serves as active chairman of Navitas and holds about 9% of its shares, valued at around 1.3 billion shekels. He also holds a significant stake in Navitas's general partner, with an estimated value similar to his public shareholding.

The move into underwriting follows Tadmor's previous ventures in real estate, server farms, and cinema, marking another significant diversification. The article raises questions about the strategy behind this latest move and how Menora Insurance will prevent conflicts of interest in managing policyholder funds.