NEW YORK (May. 15)
Formation of The Citadel Life Insurance Company of New York, chartered and licensed by the New York State Insurance Department, was announced here today. “This marks the first time that substantial private Israel capital has come to the United States for investment,” Mr. M.B. Pomxock, president of the new company, said.
He explained that the three leading Israel insurance companies–Hassneb Insurance Company of Israel, Ltd., Migdal Insurance Company, Ltd., and Zion Insurance Company, Ltd.–own one-third of the stock of The Citadel Life, with the remaining two-thirds belonging to American businessmen, and investors. He also made public a message from Levi Eshkol, Minister of Finance of the State of Israel, hailing “this first experiment of combined American-Israel investment in the United States.” The Citadel Life will initially offer the following types of insurance policies; whole life, term, endowment, educational, group, loan and mortgage.