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.

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