Austrian insurance group Grazer Wechselseitige Versicherung AG (GRAWE) has announced a major expansion move into Southeastern Europe by acquiring a 98.7% stake in Prime Insurance Company Ltd., a leading Cypriot insurer. The deal, subject to regulatory approval, marks GRAWE’s first foray into the Cypriot insurance market as a primary insurer.

With this acquisition, GRAWE adds Cyprus to its growing international footprint, which now spans 13 countries across Central, Eastern, and Southeastern Europe. Prime Insurance will become the group’s 19th insurance subsidiary, reinforcing GRAWE’s strategic focus on sustainable growth and regional diversification.

Founded in 1999, Prime Insurance is a well-established composite insurer in Cyprus, offering both life and non-life insurance solutions. The company has demonstrated consistent growth and is recognized for its strong customer orientation and ability to tailor products to both individuals and businesses.

“By integrating Prime Insurance into our portfolio, we are expanding into a high-potential market and continuing our commitment to long-term development across the region,” a GRAWE spokesperson said. The acquisition sends a clear message regarding the group’s ambitions for sustainable international expansion.

With over 195 years of history, GRAWE is known for its financial strength, stability, and broad range of insurance and financial services. Headquartered in Graz, Austria, the company continues to build on its tradition by investing in markets where customer trust and regional expertise can be leveraged for future growth.

This strategic move underscores GRAWE’s intent to not only diversify geographically but also deepen its presence in markets with robust growth potential - positioning itself as a key player in Southeastern Europe’s evolving insurance landscape.