Sources in the insurance market confirm the prospect of CNP Cyprus Insurance Holdings changing hands, as the French insurance group CNP Assurances is considering selling its stake, thereby exiting the insurance market in Cyprus and altering the landscape.
Phileleftheros contacted the management of the Cypriot insurance company to clarify whether the French group has put its stake up for sale, but the official response is “no comment.”
Yesterday, the Cyprus Daily reported that the discussions for the sale of CNP’s subsidiary in Cyprus began approximately two months ago.
Insiders in the insurance market confirm that there is activity regarding the sale of the stake of the French group CNP Assurances, potential buyers are interested, and the outcome of an agreement depends on economic factors.
The French group gained more visibility in the Cypriot market in 2019 when it acquired 49.9% of the shares of the Bank of Cyprus, which held stakes in the insurance companies CNP Cyprialife and CNP Asfalistiki, inherited from Laiki Bank, thus becoming the majority shareholder with 100%.