Eurobank Limited on Friday announced the completion of the merger of its Cypriot insurance subsidiaries, marking a significant development in the consolidation of its insurance operations in Cyprus.

The merger, finalised on October 10, was carried out in accordance with the Insurance and Reinsurance Business and Other Related Issues Law of 2016 and the Companies Law, Cap. 113.

Under 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 said in its announcement.

It explained 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,” Eurobank said.

“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,” the bank added.

On his part, chief executive officer of ERB Cyprus Insurance Holdings Limited Takis Phidia said that “with the completion of the legal merger, our companies, ERB Cyprialife and ERB Asfalistiki, are stronger than ever“.

“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,” he added.

Meanwhile, Eurobank Limited chief executive officer Michalis Louis said that “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,” Louis stated.

“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 CEO concluded.