Central Bank of Cyprus seeks insurance providers under three-year tender

The Central Bank of Cyprus (CBC) has launched a tender seeking insurance providers to supply coverage under contracts initially lasting three years. The tender, numbered 19/2026, covers the CBC’s insurance needs and will be awarded through a competitive process involving negotiations with selected applicants. The contracts will initially cover three annual insurance periods, with the CBC retaining the option to negotiate with the successful providers for a further three annual periods. The CBC said the successful offers will be assessed based on a combination of quality and price, with the quality of each proposal accounting for 70 per cent of the assessment and its cost accounting for the remaining 30 per cent. The tender is divided into separate insurance sections, allowing companies invited to the second stage to submit offers for one, several or all of the available insurance sections. Companies interested in taking part must first submit an application and the required supporting documents. The CBC will then assess the applications and invite companies that meet its participation requirements to submit an initial offer. The initial offers will form the basis for subsequent negotiations between the CBC and the invited companies. The tender documents and application forms have been available electronically from October 2, 2026, through the CBC website. Interested companies must also send the name and contact details of a designated contact person to [email protected], using the subject line “Tender 19/2026 – Insurance Cover”. The CBC warned that it will not be responsible if a company fails to provide contact details, or provides incorrect details, and consequently does not receive additional information or clarifications about the tender. Applications, together with all required documents, must be addressed to the CBC and submitted to its tender box at Office 018 at the central bank’s building at 80 John Kennedy Avenue, 1076 Nicosia. The applications must be submitted within the deadline specified in the tender documents and placed in a single sealed outer envelope or sealed package. The CBC also said it intends to use a shorter deadline for the submission of initial offers at the second stage, with that deadline to be agreed with the participating companies. The central bank said this is possible because the full tender documents are being made available from the outset, allowing the second-stage process to be shortened by agreement between the CBC and the participating companies.