SOURCE: ASPIS PRONIA General Insurance Company S.A.

June 02, 2005 15:37 ET

Aspis Group Acquired the Cyprian Group "Universal Life"

ATHENS, GREECE -- (MARKET WIRE) -- June 2, 2005 -- The full control of Universal Group of banks and insurance companies was acquired by ASPIS GROUP (APG GR) (ASASK GA). More specifically, the Group agreed to acquire 62.87% of the Cypriot Group, for the price of 1.99 Cypriot pounds (3.48 Euro) per share in cash.

The agreement was signed on Friday evening, May 27, 2005, in Nicosia, by Mr. Pavlos Psomiades, Chairman of ASPIS Group, Mr. Vassilis Adamopoulos, Deputy General Manager of ASPIS PRONOIA S.A. and representatives of Laiki Bank and Bank of Cyprus S.A., credit institutions that controlled the specific majority stake of the Universal Group.

The acquisition will be finalized after the expiry of the deadline set for the exercise of the pre-emption right and the granting of the relevant licences by the competent Greek and Cyprian Authorities. It is pointed out that the principal company of Universal Group is Universal Life, which owns 8 subsidiaries. Universal Life is the bigger actuarial company of assets in Cyprus with unified assets of 753 million Euro and mathematic reserves that reach the amount of 400 million Euro, according to the data of fiscal year 2003.

Specifically the following companies are owned by Universal Life:

- Universal Bank Public Ltd (61% participation). The bank is the 4th biggest in Cyprus, is listed in Cyprus Stock Exchange and owns 19 branches in Cyprus.

- Universal Life Hellas (100% participation), insurance company that operates successfully in Greece in the sector of life insurances, having registered premiums of 13.3 million Euro in the fiscal year of 2004 and strong presence in the sector of common insurances.

- Universal Financial Services Ltd (100% participation), that is specialised in insurance services of General Sectors, loans for investment plans, as also in other financing services.

- Universal Investments, (100% participation closed end Investment Company).

- Universal Properties (100% participation), that operates in real estate.

- Universal Nominees (100% participation -- it provides trustee services).

- Universal Securities (100% participation -- Securities company).

- Spidertrade Ltd (100% participation -- financing services and information).

As it is known ASPIS GROUP activates in Cyprus with the independent insurance company ASPIS PRONOIA CYPRUS Ltd and through the aforementioned acquisition becomes the dominant insurance player in Cypriot market. At the same time via the particular acquisition are created multifaceted synergies and prospects of growth for ASPIS GROUP.

Contact Information

  • For further information please contact:
    Nicolas Bornozis
    Capital Link, Inc.
    tel. (212) 661-7566
    E-mail: nbornozis@capitallink.com