American Reserve Life buys Albanian insurance firm
Dec 9th, 2008 | By Hot News Reporter | Category: Insurance TodayTIRANA, Albania – American Reserve Life Insurance Company has agreed to buy 61 percent of Albania’s state-owned insurance company Insig for euro25 million ($32 million), the country’s Finance Ministry said in a statement Tuesday.
The Dallas-based company won an international tender against nine other bidders and is in the last technical negotiations with Albanian authorities to take over the company.
Insig became Albania‘s state-owned insurance company in 1991 and now ranks second and third in the country’s life and non-life insurance markets.
In 2003 the International Financial Corporation and the European Bank for Reconstruction and Development each took on 19.5 percent stakes in Insig.
With some 210 employees in Albania and branches in Kosovo and Macedonia, Insig has total estimated assets of euro49 million ($63 million).
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