The Grazer Wechselseitige Versicherung AG (GRAWE) is entering the Cypriot insurance market for the first time through the acquisition of 98.7% of shares in Prime Insurance Company Ltd, subject to customary regulatory approvals. This strategic investment marks a significant step in GRAWE’s expansion into Southeast Europe, further diversifying its international portfolio by adding a market with strong growth potential.

Founded in 1999, Prime Insurance Company Ltd is a well-established composite insurer, offering a wide range of life and general insurance products. With a strong operational presence across Cyprus, Prime has demonstrated consistent business growth and is widely recognized for its customer-centric approach, providing tailored insurance solutions for both individuals and businesses.

Grazer Wechselseitige Versicherung AG, headquartered in Graz, Austria, is one of the oldest insurance providers in the region, with over 195 years of experience in the sector. The acquisition of Prime Insurance marks its 19th insurance subsidiary and extends its operations across 13 countries in Central, Eastern, and Southeastern Europe.

GRAWE is known for its financial stability, long-term reliability, and comprehensive suite of insurance and financial services. With this move, the company signals its continued commitment to sustainable international expansion, emphasizing value-driven growth and geographic diversification.