Hellenic and ERGO eye CNP Cyprus
Two entities are currently in discussions regarding the acquisition of CNP Cyprus Insurance Holdings, the subsidiary of French insurance giant CNP Assurances.
As previously reported by Kathimerini, Hellenic Bank is engaged in discussions for a potential takeover of CNP Cyprus. According to updated information, German insurance giant ERGO Insurance Group is also involved in talks, indicating substantial interest in one of Cyprus’ major insurance companies.
Both Hellenic Bank and ERGO Insurance Group have been extensively discussing the potential acquisition of CNP Cyprus. Notably, CNP Cyprus’ headquarters in France, CNP Assurances, and the management of CNP Cyprus have responded with a “no comment” when asked by Kathimerini about the ongoing sale discussions.
ERGO Germany, one of the largest insurance groups in Germany and Europe, is a key player in the talks. The group operates in over 25 countries globally, focusing on core markets in Europe and Asia. In 2022, ERGO collected total premiums of 20 billion euros and paid out net policy benefits of €15 billion.
Hellenic Bank already oversees two insurance companies, Pancyprian and Hellenic Life.
