Eurobank Completes Merger of Cypriot Insurance Subsidiaries, Strengthening Market Presence

Eurobank Limited announced on Friday the successful completion of the merger of its Cypriot insurance subsidiaries, marking a significant step in consolidating its insurance operations in Cyprus. The merger, finalized on October 10, was executed in line with the Insurance and Reinsurance Business and Other Related Issues Law of 2016 and the Companies Law, Cap. 113.

Under the terms of the agreement, all insurance portfolios, assets, and liabilities of Hellenic Life Insurance Company Limited and Pancyprian Insurance Limited were transferred to ERB Cyprialife Limited and ERB Asfalistiki Limited, respectively. “The process has created two strengthened insurance entities under the Eurobank Group umbrella,” the bank stated in its official announcement.

Eurobank clarified that ERB Cyprialife will operate in the life and health insurance sector, while ERB Asfalistiki will focus on general insurance. “With longstanding experience, specialised expertise, and a reputation for reliability, both companies are now positioned as key players in the Cypriot insurance market, offering comprehensive solutions across all insurance categories,” the bank added. “As members of the largest bancassurance group in Cyprus, the two entities are expected to enhance their market presence and continue providing high-quality, customer-focused services.”

Takis Phidia, chief executive officer of ERB Cyprus Insurance Holdings Limited, commented on the merger’s completion, saying, “With the completion of the legal merger, our companies, ERB Cyprialife and ERB Asfalistiki, are stronger than ever.” He added, “With people at the centre and by leveraging the comparative advantages offered by our parent group Eurobank, we provide our policyholders with the most advanced insurance services, building strong relationships of trust with them.”

Eurobank Limited CEO Michalis Louis also highlighted the importance of the merger, stating, “The completion of the merger of our insurance companies marks another milestone for Eurobank. We are creating the largest insurance organisation in the country, aiming to offer our clients even more comprehensive bancassurance solutions of high quality and added value.” He further emphasized, “With reliability, stability, and a human-centred approach, we continue to invest in the Cypriot market, leveraging the group’s strength to deliver innovative products, improved services, and an overall customer experience built on trust and transparency.”

The merger positions ERB Cyprialife and ERB Asfalistiki as leading players in the Cypriot insurance market, combining Eurobank’s expertise and resources to provide an enhanced range of life, health, and general insurance solutions under a unified, customer-focused strategy.

By fLEXI tEAM