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Four Albanian insurance companies on sale
Tirana, 19 March 2007 (AENews) – Four
insurance companies in Albania could change ownership in the upcoming months,
according to different sources. In February, 51% of the medium-sized company
InterAlbanian was sold to Aspis Group of Greece, for EUR 2.1mn.
insurance companies in Albania could change ownership in the upcoming months,
according to different sources. In February, 51% of the medium-sized company
InterAlbanian was sold to Aspis Group of Greece, for EUR 2.1mn.
Last week,
Vienna Insurance Group, agreed to buy 60% of Sigma sh.a, the second largest
insurer in the country. SIGAL, is expected to sign the agreement in the next
week. Meanwhile, the Albanian government has said that
it would like to sell its 51% stake in the state owned INSIG sh.a within this
year.
Vienna Insurance Group, agreed to buy 60% of Sigma sh.a, the second largest
insurer in the country. SIGAL, is expected to sign the agreement in the next
week. Meanwhile, the Albanian government has said that
it would like to sell its 51% stake in the state owned INSIG sh.a within this
year.
Till now, the insurance market, which with an
overall annual revenue estimatd at USD 42 million, has been under the control
of local businesses. However, increasingly companies have been searching for
experienced foreign investors aiming to strengthen their operations.
During last years, insurers in Albania have
accumulated debts of USD 12mn. This debt has been incurred mainly from Albanian
owned vehicles that have been in accidents outside of the country. The
Insurance Authority has introduced new rules, which require a minimum capital
level as well as the level of risk coverage. Debts make up the accumulated
profit of the least three years.
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on Mar 19th, 2007 and filed under Uncategorized.
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