TIRANA, June 3ue to the global economic crisis, the state owned insurance company, INSIG, has failed to complete a privatization deal. In December of 2008, “Reserve Life”, an American company, won the bidding war to privatize 61% in INSIG stakes for a total of 25 million euros. The remaining stakes were to be owned by European Bank for Reconstruction and Development (EBRD) and World Bank in equal shares. However, after negotiations took place, Reserve Life backed off from finalizing the deal and shares from WB and EBRD were sold back to the government for 8 million euros made possible from INSIG’s recapitalization.
Ministry of Finance announced that the 100% stated owned company will be put for sale again in September.
INSIG was founded on July 31, 1991, becoming the first licensed company in the insurance market. Despite an early monopoly in the market for many years, it slowly lost most of the market share to private competitors.
INSIG deal fails, sale procedure to restart in September
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