Interlife changes name after merger

INSURANCE firm Interlife has changed its name to Prime Insurance following a merger with Greek insurance firm Demco.

“Today we officially have a new name; we have changed our name but we have not changed our history,” said Michalis Michaelides, managing director of Prime Insurance who added that most importantly they were not changing their principles.

According to Michaelides the company will continue their people-centred approach, building on the same values, using the same method that has been successful for decades.

Michaelides said that the change in name also had to do with the merger with Demco, which has another subsidiary named Interlife.

Prime Insurance will be strengthened through the merger with the new structure. “I want to give you an idea of the momentum that’s going to be created so I’m mentioning that by the end of the year and after the merger is complete, Prime will have €27 million in premium income for life insurance and health, €20 million in the general insurance sector, so that is €47 million in Cyprus and €16 million in Greece,” said Michaelides, bringing the total to €63 million.

The payments to be made by the company by the end of the year are calculated at €9.5 million in acquisitions, €14.5 million in assets and €12 million in benefit sales and personnel in Cyprus, while in Greece demands are expected to reach €7 million and benefits, €6 million.

The company’s life insurance in Greece will also be expanded to the Balkan areas, as well as further consolidating their position in the Cypriot market through other strategic alliances.

“Our primary move is for us as much as it is for the Cypriot economy and the base for the above activities will be Cyprus,” said Michaelides.