INSIG sold to American Reserve Life Insurance for Euro 25 million

Tirana, Dec. 9, 2008 (AENews) – American Reserve Life Insurance brought on Tuesday Albanian state controlled insurance company INSIG for Euro 25 million, – Ministry of Finance of Albania said in a press release. ARL won a open bid for the privatization of 61% of INSIG, by offering Eur 25 million. The rest of the shares is owned by International Financial Corporation, IFC, and European Bank for Reconstruction and Development, EBRD.

INSIG was estabilished on 1991 as state owned monopoly on insurance market. In 1999 Government of Albania opened the market for private companies and INSIG loosed its market share steadily. During 2007, INSIG turnover was 2.1 BN lek, (Euro 17 million, USD 21 million) and net earnings Lek 225 million, (Euro 1.8 million, USD, 2.2 million).

INSIG operates in Albania, Kosova and Macedonia. Its assets were Lek 6.1 BN (euro 50 million, USD 60 million), down 6.44% compared to 2006.

American Reserve Life Insurance Company (ARL) owns one hundred percent of Liberty Bankers Life Insurance Company. ARL is wholly-owned by Heritage Guaranty Holdings, Inc. ARL provides reinsurance and financial support to its subsidiary life companies.

ARL was established in 1922 and purchased by the American Reserve Group in 1999. ARL is domiciled in the state of Oklahoma and headquartered in Dallas, Texas.

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Posted by Gjergj Erebara on Dec 9 2008. Filed under Banking & Finance, Business, Economy, General News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry