Cypriot official calls for mergers to improve insurers' performance

Ioannis Matsis, chief executive of Cyprus-based Hellenic Bank P.C.L., said that a glut of insurers are hampering the sector's growth and urged local carriers to consider mergers to increase their capacity, In-Cyprus reported. Mr. Matsis said that 41 insurers are currently operating in the country and a lack of specialized staff could affect the industry's performance.

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