Merger to create largest insurance group in Cyprus under Eurobank umbrella

CNP Cyprus on Wednesday announced the completion of the agreement between CNP Assurances and Hellenic Bank for the acquisition of the CNP Cyprus Group and its companies, CNP Cyprialife, CNP Insurance, and CNP Zois.

The announcement follows the receipt of all required approvals from the relevant authorities.

“The union of forces with Hellenic Bank’s insurance companies, Hellenic Life and Pancyprian Insurance, creates the largest and most powerful insurance organisation in Cyprus, with a leading presence in the life and health sector, as well as in the general insurance sector,” CNP said in a statement.

The newly formed insurance powerhouse will result from the merger of the existing companies and will operate under two entities.

These include ERB Cyprialife in the life and health sector and ERB Asfalistiki in the general insurance sector.

“Both companies, with the additional strength of the Eurobank Group, will take a leading role in the country’s insurance market, offering comprehensive services with top-tier responsibility, reliability, and solvency,” said CNP Cyprus.

For its policyholders, the company pledged continued progress and a client-focused approach.

“We will continue on a path of evolution, combining a personalised, human-centred approach with the most modern insurance products, expanding the insurance options on offer, always with high quality, prompt response, and effective service,” the company said.

Moreover, CNP Cyprus and its companies expressed their gratitude to CNP Assurances for the long-standing and productive partnership.

“With the valuable contribution of CNP Assurances’ expertise and experience, the companies of the CNP Cyprus Group, through the capabilities, professionalism, and dedication of their employees and the nationwide network of insurance advisers, stood out in the field of competition and earned the top spot in customer trust,” the statement said.

“As members of the Eurobank–Hellenic Bank Group, we continue together, even stronger, to be a pillar of strength at every moment when there is need,” CNP Cyprus concluded.