Anytime, the digital insurance brand of Interamerican Group, a member of Achmea, has agreed to acquire Gan Direct's motor and property insurance portfolio in Cyprus, further strengthening its position in the Cypriot insurance market.
According to an announcement, the strategic transaction will strengthen Anytime's presence as one of the leading insurers in Cyprus, while for Gan Direct it marks the beginning of a new phase of development with a greater focus on specialised and high-value-added insurance services.
Gan Direct to focus on new areas of growth
George Nicolaides, Chief Executive Officer of Gan Direct Insurance, said the company had been established more than 30 years ago with the aim of making insurance simpler, more direct and fairer for customers in Cyprus.
He described the agreement with Anytime as an important strategic decision that would open the company's next chapter.
The transaction, he said, would allow Gan Direct to focus its resources more strongly on areas where it believes it can create greater value in the future.
Anytime aims to strengthen regional digital insurance presence
Yiannis Kantoros, Chief Executive Officer of Interamerican Group, said the acquisition represented another significant step in the group's growth strategy and would strengthen its position as a regional player in digital insurance.
“This acquisition marks another important step in our growth strategy and will strengthen our position as a regional player in digital insurance. Anytime’s pioneering approach is reflected in a simple, fast and digital-first model that has transformed the insurance experience.
He also noted that Gan Direct had established a strong name in the Cypriot direct insurance market.
The integration of its non-life portfolio, he said, would further strengthen Anytime's position and create greater value for policyholders.
"Today, with a presence in three markets of Greece, Cyprus and Romania our digital brand demonstrates its ability to evolve dynamically and respond to the needs of different markets. Gan Direct has built a strong name in the Cypriot market in direct insurance and, with the integration of its non-life portfolio, we will further strengthen our momentum, creating greater value for our customers.”
Deal subject to regulatory approval
The acquisition of the portfolio remains subject to approval by the competent supervisory authorities and completion of the procedures required under the law.
The transaction is therefore not yet final and will proceed once the relevant regulatory and legal requirements have been fulfilled.
