Alpha Bank is creating the third insurance group in Cyprus with the completion of the acquisition of Altius Insurance and its imminent merger with Universal Life. The result will be an organization with significant size, expertise and leadership in the life, property, casualty and health sectors.
On Wednesday, Alpha Bank announced the signing of a definitive agreement for the purchase of the shares of Altius Insurance, which constitutes the first step for the consolidation of Altius with Universal Life Insurance into a single insurance group, in which Alpha Bank will hold a majority stake.
The statement said the merged entity will leverage the complementary expertise of the two organizations, offering integrated insurance solutions and greatly strengthening Alpha Bank’s bancassurance model in cooperation with Alpha Bank Cyprus.
Altius operates in the life, health and general insurance sectors, offering a wide range of insurance products to both individuals and businesses. For the last 11 years, it has been the exclusive bancassurance partner of Alpha Bank Cyprus and this collaboration is expected to be further strengthened in the future.
