Albania’s two richest men acquire Insig’s life insurance unit

By bne IntelliNews June 4, 2017

Albania’s two richest businessmen have diversified their investments in the insurance market by acquiring the life insurance unit of the newly privatised Insig insurer, local media reported.

Insig, which was a state-owned company, was sold to Eurosig insurer in 2016. Insig Life is the smallest life insurer on the market with total gross written premiums of ALL26.5mn (€197,000) in the first four months of the year. The market leader is Sigal Life Uniqa Group Austria, followed by Sicred. Life insurance had a market share of only 7.3% in the first four months of 2017. 

The owner of one of Albania’s biggest companies Balfin Group, Samir Mane, teamed up with Shefqet Kastrati of the Kastrati group to acquire a 90% stake in Insig Jeta, part of Insig Insurer, for €3.5mn, Tirana Times reported. Mane and Kastrati are among the richest men in Southeast Europe.

Balfin operates in the retail trade, construction, mining and tourism sector while the Kastrati group is Albania’s biggest oil importer and retail trader.

Balfin and Kastrati participated separately in last year’s tender for the privatisation of Insig.

The new shareholders each hold a 45% stake, the article said, quoting data from the National Business Centre.

Insig also operates in Kosovo and Macedonia.

Related Articles

Albania’s central bank to issue new high-denomination banknote

The Albania’s central bank has announced it will issue a new ALL10,000 (€74.9) banknote. The new ALL10,000 banknote will have the highest value issued so far, as the current biggest value ... more

Citizens to get "same information as MPs" as Albania launches new e-governance app

Albanian Prime Minister Edi Rama presented a new online platform for co-governance with citizens entitled “Albania We Want” on October 28. Ensuring functional and responsible ... more

Albania's Balfin Group to invest over €300mn in real estate project in Macedonia

Albania’s Balfin Group said it will invest over €300mn to build a commercial-residential complex in the Macedonian capital Skopje. Balfin Group is one of the largest regional companies, with a ... more

Dismiss