After 26 years of strong presence in the Cypriot insurance market and with a clear commitment to strategic growth, Prime Insurance enters a new chapter with the official presentation of its new name: Grawe Insurance Company (Cyprus) Ltd.
The announcement was made at a special event attended by partners, business representatives, and members of the media.
A Strategic Move with Substance
CEO Dr. Panayiotis Panayiotou stressed that this change is not simply a renaming, but a strategic move with real substance.
“Today we are not simply holding a press conference. Today we are turning a page in the history of our company - a company that for 26 years has served the market with dedication, resilience, and consistency. We stand here to officially announce and celebrate the transformation of Prime Insurance into GRAWE Cyprus. A new name, a new era, with the same compass of values guiding us, but with new strength propelling us forward.”
He highlighted that the company preserves the core of its philosophy while evolving under the umbrella of one of Europe’s most historic and reliable insurance groups.
“We are changing the name – not the identity. Insurance is built on trust. Our clients want to know that we will be here not only tomorrow, but decades from now. And with GRAWE, we guarantee it,” Dr. Panayiotou said.
The transition enhances the company’s access to international know-how, increases its credibility, and upgrades its services - with no changes to staff, service points, or corporate values.
26 Years of Tradition in Cyprus
Reflecting on the journey of Prime Insurance, now GRAWE Cyprus, Dr. Panayiotou presented the following figures:
- 41,000 clients
- 65,000+ active contracts
- €50 million in gross written premiums
- 91 employees
- 120+ professional intermediaries
The company has consistently invested in training, technology, digital solutions that simplify the insurance experience, and a recognized track record in claims servicing.
“This is the legacy upon which we are building the future,” he noted. The company’s core values - integrity, consistency, and respect for people — remain non-negotiable. At the same time, GRAWE Cyprus evolves through:
- new European-standard insurance products,
- enhanced customer experience,
- continuous training of partners,
- and a targeted sustainability strategy.
The company’s commitment to society and the environment is further strengthened through initiatives such as the Cyprus Trees Project, in collaboration with CYENS and the Municipality of Nicosia, as well as new urban reforestation programs.
“Today we are turning a page. What truly matters does not simply stay the same - it evolves, it transforms, it becomes better. With pride, we present our new identity: GRAWE Cyprus,” Dr. Panayiotou concluded.
GRAWE Group
The event was attended by Dr. Othmar Ederer, Chairman of the Board of the GRAWE Group, as well as Board members Klaus Scheitegel (Chairman) and Paul Swoboda. Their participation on the Board of GRAWE Cyprus and their presence at the launch underlined the importance the Group places on its Cypriot subsidiary.
Presenting the Group to the press, Dr. Ederer referred to the Group’s vision, as expressed in 1846 by its founder, Archduke Johann:
“The power that brings about good lies in the harmony among the many. It is the duty of every individual to contribute to this.”
He then provided a historical overview of the Group’s founding in 1828 up to the acquisition of Prime Insurance, and presented GRAWE’s strong financials:
- Presence in 13 countries
- 5,000+ employees
- €14.5 billion in assets
- €2 billion in equity
As an international financial services group, GRAWE operates in insurance, banking, and real estate across Central, Eastern, and Southeastern Europe. He also highlighted:
- strong solvency,
- a customer-oriented strategy,
- and a well-diversified insurance portfolio (42% Motor, 30% Life, 28% General & Health).
Dr. Ederer concluded with a presentation of GRAWE’s results in Austria for 2024, a reference to the Group’s banking and real estate activities, and an overview of its two-tier governance structure.
About GRAWE Cyprus
With 26 years of operations in Cyprus and the strength of the GRAWE Group, GRAWE Cyprus combines tradition with innovation, ensuring trust, stability, and growth opportunities for its clients, partners, and society.
