Albania: Albania sells state-owned insurance company to the U.S.

Albanian authorities have announced that an American company has agreed to buy the Balkan country's flagship insurance company for 25 million euros ($32 million).

American Reserve Life Insurance Company has outbid nine other international bidders to take over 61 percent of Albania's state-owned insurance company Insig, the country's Finance Ministry said in a statement.

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.

The company now operates in Albania, Kosovo and Macedonia, with an estimated asset of 63 million U.S. dollars.

Published by Mike Hitchen, Mike Hitchen Consulting
Putting principles before profits
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