American Reserve Life buys Albanian insurance firm
American Reserve Life Insurance Company has agreed to buy 61 percent of Albania's state-owned insurance company Insig for euro25 mn ($32 mn), the country's Finance Ministry said in a statement Tuesday.
By Agencies |
TIRANA: American Reserve Life Insurance Company has agreed to buy 61 percent of Albania's state-owned insurance company Insig for euro25 mn ($32 mn), 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.
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.
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