The Photos Photiades Group has confirmed that it agreed preliminary terms for a strategic partnership in the insurance sector, as part of its wider long-term growth plan and vision.
Specifically, the Group, as the principal shareholder of Universal Life, has entered into an agreement with one of Greece’s largest financial groups, Alpha Bank S.A., introducing new momentum into Cyprus’ insurance and banking ecosystem.
The collaboration between the two Groups - subject to necessary regulatory approvals - includes:
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Alpha Bank S.A. participating in the share capital of Universal Life,
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the merger of Altius Insurance with Universal Life into a single, strong insurance organisation, and
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a bancassurance agreement with Alpha Bank Cyprus.
Under the agreed structure, Alpha Bank S.A. will acquire a majority stake in the unified entity, while the Photos Photiades Group will retain a significant participation, with joint management of the new scheme.
With the new structure, a comprehensive insurance model is expected to be formed, capable of offering a full range of insurance solutions to both individuals and businesses, supported by a significantly expanded distribution network. In parallel, leveraging the combined expertise, experience and infrastructure of the new business scheme, the parties will also pursue ways to support Universal Life’s entry into the Greek insurance market.
Commenting on the cooperation, Pavlos Photiades, Chief Executive Officer of the Photos Photiades Group and Chairman of the Board of Directors of Universal Life, stated: "This agreement constitutes a strategic choice aimed at further strengthening the resilience and competitiveness of Universal Life and the added value delivered to its customers. While maintaining its corporate identity, and now with the firm support of the Alpha Bank Group as well, I am convinced that Universal Life, the first Cypriot insurance company, strengthened by the personnel and insurance expertise of Altius Insurance, will continue on its growth trajectory by leveraging the new prospects opening up ahead of it. This new cooperation reaffirms our commitment to leading innovation and actively shaping the future of the insurance market in Cyprus, as well as to capitalising on opportunities for the internationalisation of our operations. We look forward to this cooperation and thank the Alpha Bank Group and, in particular, CEO Vassilios E. Psaltis for the trust shown and, above all, for the shared vision."
Continuing, Evan Gavas, Chief Executive Officer of Universal Life, underlined: "We welcome this new strategic cooperation, which represents a significant step for us, as it provides further momentum for the implementation of our growth strategy at both local and international level, while at the same time reflecting our longstanding commitment to delivering modern, high-quality solutions and services to the Cypriot consumer. We look to the future with optimism, supported by two large and reliable business Groups."
