What is Alpha Bank merging in Cyprus?

Alpha Bank is merging its insurance operations with Universal Life Insurance and Altius Insurance in Cyprus.

When is the Alpha Bank insurance merger expected to complete?

The merger is anticipated to be completed during the third quarter of 2026.

What position will Alpha Bank's merged entity hold in Cyprus?

The combined entity aims to become one of the top three insurance groups in Cyprus for both life and non-life sectors.

Home / Business and Economy / Alpha Bank Seals Cyprus Insurance Merger Deal

Alpha Bank Seals Cyprus Insurance Merger Deal

22 Dec, 2025

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Summary

Alpha Bank merges insurance operations with Universal Life and Altius.
Combined entity aims to be top 3 Cyprus insurance group.
Transaction completion expected by Q3 2026, pending approvals.

Alpha Bank Seals Cyprus Insurance Merger Deal

Alpha Bank has finalized key commercial and legal terms for a significant merger of its insurance operations in Cyprus. This strategic initiative involves Universal Life Insurance Public Company and Altius Insurance, with the ambitious goal of establishing one of the nation's leading insurance groups across both life and non-life segments.

The agreement includes Alpha Bank acquiring full ownership of Altius Insurance and merging it with Universal Life. A strategic partnership with Photos Photiades Group, Universal's main shareholder, is also established. Alpha Bank anticipates holding a majority stake in the consolidated entity.