Tel Aviv Stock Exchange: Libra Insurance Company management opens trading on TASE to celebrate its IPO on TASE
Tel Aviv, July 5, 2021 – The management of the company Libra opened its doors this morning to celebrate its IPO on TASE.
Libra will join TASE’s insurance business, which currently comprises 9 companies with a total market capitalization of NIS 31 billion.
Libra was created by Ms. Etti Elishkov at the end of 2017 and in May 2018 received an insurer license from the Capital Market Insurance and Savings Authority. It has since operated in basic insurance and markets compulsory vehicle insurance and vehicle property insurance, home insurance and business insurance.
Libra is committed to upholding the values of fairness and fairness and to changing the rules of the game in the insurance industry. Since its inception, it has revolutionized many areas, from changing the pricing model and introducing remote insurance, providing a replacement car at the scene of the accident, committing to payment claims fast, within 48 hours, leading the customer transition revolution in auto insurance and more. In addition, the company has developed an innovative profit-sharing model, which allows it to distribute 25% of its profits to policyholders. Libra is currently at an advanced stage of US patent registration and approval for the digital wallet and currency “Libra” that it uses to share its profits with policyholders.
Most of Libra’s activities are direct and digital, thanks to its innovative and proprietary core system that analyzes data and integrates “smart” algorithms that support the implementation of its personalized actuarial model, all based on Advanced AI models for the characterization of existing and potential customers, with a focus on digital consumption.
The company raised NIS 25 million in an IPO of shares from institutional investors, based on an enterprise value of NIS 475 million.
At the end of trading on September 2, 2021, the company’s shares are expected to join TASE’s TA-Growth, TA-Insurance, TA-Finance and TA-Insurance and Financial Services indices, as part of the fast-track entry of TASE. new companies. .
The TA-Insurance index was recently reclassified as a real-time index, given the important role that the insurance sector plays in the Israeli economy and its significant presence on TASE, as well as the growing attractiveness of investments in Israeli insurance companies. .
Etti Elishkov, founder and CEO of Libra, said, “The company’s IPO and transformation into a public company is an important milestone for us. Over the past 3 years, we have rocked the insurance industry in a real revolution, introduced new pricing models, led the revolution in customer transition in auto insurance, introduced new coverages and finally succeeded in drastically reducing the cost. average price of auto insurance across the industry. The IPO is another step towards realizing our vision of making the public a true partner and we are proud of the enthusiastic response we have received. The high acceptance rates of the IPO reflect investor confidence in Libra’s success, based on its impressive performance to date and its substantial, but untapped potential.
Hani Shitrit Bach, EVP and Head of Listings at TASE, said: “Digital insurance has gained substantial momentum, providing the public with access to an efficient and competitive service. In the digital age, consumers can compare and get the best services at competitive prices, while having the opportunity to participate in the success of businesses as investors. As the home of the Israeli economy, TASE is the natural and most suitable place for technology companies in all fields, supporting their growth and development for the benefit of investors and the Israeli economy. We wish the management and employees of Libra the best of luck for the future. ‘
On the photo from right to left: Hayuta Ivanir, Director of Operations at Libra; Rafi Krispin, Vice President of Sales at Libra; Av. TzElisar touch, Vice President and Legal Counsel at Libra; Dudi Ben Chaim, Deputy Managing Director of Libra; Etti Elishkov, Founder and CEO of Libra; Lior Avniel, CIO of Balance; Yifat Ben Dov Weinberg, VP Marketing at Libra; Or Ben Avraham, HR Director at Libra; Shimrit Zakai, Director of Claims at Libra; Hani Shitrit Bach, EVP and Head of Listings at TASE.