Acquisition of Prime by GRAWE

Grazer Wechselseitige Versicherung AG expands its network - new investment in Southeastern Europe

NICOSIA/GRAZ, May 15, 2025 –Grazer Wechselseitige Versicherung AG (short: GRAWE) acquires 98,7% of the shares of Prime Insurance Company Ltd., NICOSIA/ZYPERN, subject to customary regulatory approvals, and enters the Cypriot insurance market as a primary insurer for the first time. With this investment, GRAWE is extending its presence in Southeastern Europe and expanding its international portfolio to include another high-potential market.

Prime Insurance Company Ltd., is a well-established composite insurer in the local market, providing both life and non-life insurance products. Founded in 1999, the company maintains a strong presence throughout Cyprus, demonstrating significant growth. It is widely recognized for its customer-centric approach, offering a wide range of insurance products tailored to the needs of individuals and businesses.

Grazer Wechselseitige Versicherung AG is an Austrian company with over 195 years of experience in the insurance sector. With Prime Insurance Company Ltd. as its 19^th insurance subsidiary and activities in 13 countries in Central, Eastern and Southeastern Europe, the traditional company is sending a clear signal for its sustainable international expansion strategy.

Grazer Wechselseitige Versicherung AG is headquartered in GRAZ/AUSTRIA and offers a comprehensive range of insurance products and financial services. Known for its stability, reliability, and long-standing expertise, GRAWE continues to pursue a growth-oriented strategy focused on customer value and regional diversification.

Contact:

Mag. (FH) Karin Taferner-Bauer
Head of corporate communication and marketing
Grazer Wechselseitige Versicherung AG
Herrengasse 18-20
8010 GRAZ
AUSTRIA
Tel: +43 316 8037 6430
Mail: karin.taferner-bauer@grawe.at