Takis Phidia: ERB CYPRIALIFE and ERB ASFALISTIKI mark beginning of new era in Cyprus' insurance market

The establishment of ERB CYPRIALIFE and ERB ASFALISTIKI marks the beginning of a new era in Cyprus' insurance market, according to Takis Phidia, CEO of ERB Cyprus Insurance Holdings.

He points out that, through the upcoming legal merger with the insurance companies of Hellenic Bank—Hellenic Life and Pancyprian Insurance—one of the country’s largest and strongest insurance organisations is being formed.

In an interview with InBusinessNews, Phidia stresses that, with Eurobank as the main strategic partner and cornerstone of this new direction, the newly formed insurance group has the ability to leverage greater resources, modern infrastructure, and tools to continue evolving and innovating.

“It is,” he notes, “the foundation upon which we are building the future of our companies—a future that is stronger, more secure, and closer to our customers’ needs.”

Takis Phidia sets the strengthening of ERB Cyprus Insurance Holdings’ leadership position as a key objective, clarifying that this is not merely an ambition, but a realistic prospect based on already solid foundations.

At the same time, he highlights the new opportunities being created for the group’s employees and partners and sends a clear message to customers:

“We are here, stronger than ever, to continue supporting them, protecting them, and standing by them—consistently, humanely, and reliably,” he underscores.

He also notes that the insurance sector in Cyprus is undergoing significant restructuring. He argues that healthy competition drives companies to improve services, ultimately benefiting the insured themselves.

“It confirms,” says Phidia, “that our strategic decision to create a leading insurance group in Cyprus, under the Eurobank brand, was timely and visionary.”

What does the renaming of the insurance companies ERB CYPRIALIFE and ERB ASFALISTIKI signify? Why were these specific names chosen and what do they represent?
The renaming of ERB CYPRIALIFE in the life and health sector and ERB ASFALISTIKI in the general insurance sector marks a new era for the insurance market in Cyprus.

Initially, CNP CYPRIALIFE and CNP ASFALISTIKI are being renamed, and in the coming months, the legal merger with the insurance companies of Hellenic Bank—Hellenic Life and Pancyprian Insurance—will follow.

Thus, one of the strongest and largest insurance organisations in the country is being created. A leading organisation that combines many years of experience, specialised know-how, and high-value human capital.

The new names are not just symbolic. “ERB” is a recognisable mark of a financial organisation with international presence—the EUROBANK Group, to which the new companies now belong. It conveys stability, credibility, reliability, and a long-standing presence in the financial and insurance sector.

At the same time, elements from the previous names are retained, carrying with them decades of trust and life-long relationships with the Cypriot public.

They reflect the simplicity, recognisability, and long-term value built through the consistent presence and reliability of the four companies.

The new names connect the successful past with the ambitious future. They preserve the strongest and most recognisable elements from the journey of our companies while simultaneously marking a new era: with more strength, reliability, and confidence for the present and future of our insured clients.

What changes for existing policyholders and what can they expect from this new era?

For our existing policyholders, the relationship of trust they have built with our companies over the decades is strengthened. Their insurance contracts remain fully valid, retaining all rights and coverages.

Most importantly, our policyholders now belong to an even stronger organisation, with greater capacity for service, protection, and support in an ever-changing environment.

As I mentioned, the creation of ERB CYPRIALIFE and ERB ASFALISTIKI opens a new era. An era characterised by specialised expertise, modern infrastructure, investment in digital transformation, reinforcement of our teams, and an even more customer-centric philosophy.

Our policyholders can expect improved services, more options, and the same human, approachable, and reliable approach—now with even greater strength in support.

The confidence we provide to our customers was, is, and will remain our priority. This change is not merely a matter of name, but an evolutionary step built on the strong foundations of the past and the vision of a modern and more powerful future—for everyone.

What is Eurobank’s role in this new direction?

Eurobank is a key strategic partner and a pillar of support in our new path. As one of the most powerful financial groups in Southeastern Europe, it offers stability, expertise, and valuable international experience.

Our inclusion in the Group allows us to leverage larger resources, modern infrastructure, and tools so we can continue to evolve and innovate. It is the foundation upon which we are building the future of our companies—a future that is stronger, more secure, and closer to our customers’ needs.

In what ways is the reliability and credibility of the new companies strengthened?

Reliability and credibility are the DNA of our existence. These characteristics are significantly strengthened through three main pillars:

First, the size and strength of the new insurance Group. The merger of the four companies forms a leading insurance organisation in Cyprus, with proven experience and a strong human capital.

Second, the integration into the Eurobank Group, which ensures capital adequacy, important synergies, an expanded customer base, and confidence in the future.

And third, continuous investment in quality and development: technology, human resources, and modern processes enhance the trust of our policyholders and the resilience of our organisation.

All these form the strongest foundation to remain the most reliable choice for our customers’ insurance needs.

What are the benefits for employees and insurance consultants of the two companies?

New opportunities are opening up for the partners and employees of our insurance companies. They are now members of the largest financial organisation in Cyprus, enjoying the support, strength, and momentum of the Eurobank Group.

Our partners gain access to new channels, an even larger customer network, and an expanded, upgraded, and comprehensive range of products to cover every need.

At the same time, we continue to invest in the development and enhancement of the skills of our employees and partners through specialised training and development programs.

How do you respond to the modern needs of customers in an ever-changing world?

Modern customer needs require not only immediate response from us but also continuous evolution. In a rapidly changing world, we are systematically investing in digital transformation, new technologies, and flexible service tools.

At the same time, we enhance the human element and redesign our services in a simpler, more friendly, and customer-centric way.

We combine personalised approaches with advanced insurance products, offering quality, security, and immediate service for the health, life, and property of our customers.

What is the main message you want to send to your customers through this change?

Our message is clear: We are here, stronger than ever, to continue supporting, protecting, and standing by them—consistently, humanely, and reliably.

This change continues what we have already achieved. It builds on the strong foundations of trust and experience we have created.

We are joining forces, evolving, and opening a new chapter with even more capabilities for our policyholders. Because together, we are even stronger.

We understand that the goal you have set for both new companies regarding market share is to lead, both in general and life insurance. If so, how will you strengthen your competitiveness to achieve this goal?

With the creation of the ERB CYPRUS INSURANCE HOLDINGS insurance group and its companies ERB CYPRIALIFE and ERB ASFALISTIKI, following the merger of the four companies, the largest insurance group in Cyprus emerges.

Our goal is therefore to strengthen our leadership position and to make every peak a starting point for reaching the next. This is not merely ambition—it is a realistic prospect based on the very strong foundations we already have.

We are moving forward with planning and strategy:

• We are strengthening our commercial presence by leveraging synergies, shared infrastructure, and the expanded dynamics of our parent Eurobank Group.
• We are developing new, innovative products that meet today’s needs.
• We are investing in technology and digital transformation, offering simpler, faster, and more personalised service.
• We are strengthening our human capital with training, support, and a culture of collaboration at all levels.

Our competitiveness is based on people and values—not just numbers. The experience remains. Our people and executives remain. The network is reinforced.

Our values are empowered. And our comparative advantage is our ability to evolve, to listen, and to act with determination.

The insurance sector is in a phase of intense restructuring. Given that competition is becoming increasingly intense—for example, Bank of Cyprus is strengthening its position in the sector by acquiring National Insurance—how do you view these developments?

The insurance sector in Cyprus is in a phase of intense restructuring. This is a natural development, as financial institutions seek a stronger presence in the insurance space.

We welcome these developments. Healthy competition provides companies with motivation, strengthens services, and ultimately benefits the insured.

At the same time, it confirms that our strategic decision to create a leading insurance group in Cyprus, under the Eurobank brand, was timely and visionary.

We rely on very strong foundations, invest methodically, and look to the future with optimism and confidence.

Our comparative advantage is our ability to adapt quickly, to innovate consistently, and to offer real value to our customers. This is the path we will continue on—with confidence and dedication.