Alpha Bank announced that it has reached an agreement for a strategic merge in Cyprus that is expected to lead to the creation of one of the three largest insurance groups in the country in both life and non-life sectors, with a leading position in the accidents and health insurance.

The dual transaction includes acquisition of the entire share capital of Altius Insurance and its merger with Universal Life Insurance, with Alpha Bank acquiring a majority stake in the resulting single company, cyprusinsurancenews.com writes.

The transaction, which is expected to close in the third quarter of 2026, involves a strategic partnership with Photos Photiades Group, a major shareholder of Universal, while Altius’ management team remains committed to supporting the joint strategic plan. The merge is expected to create significant synergies, leveraging an expanded network of approximately 400 insurance agents and 100,000 customers, with a return on invested capital of over 20%.

"We are particularly pleased with this brave step to shape the Cypriot insurance market, through our investment in two companies to create the third largest insurance group in the country", said Alpha Bank CEO Vassilis Psaltis. “By combining Universal's strong commercial presence and long-standing leadership in the Life and Health sectors, together with Altius' strong insurance capabilities and proven bancassurance expertise, we are creating a strong insurance platform with significant prospects for further growth”, the Alpha Bank CEO added.