ALBANIA: New attempt for INSIG's privatization
According to the local financial press, INSIG's sale was confirmed by the Ministry of Finance through a letter sent to the Chamber of Commerce and Industry, which provide details of the sale of the company. The document mentions "BDO International" as assessor for the company's value, while full tender specifications will be published on the official website of the ministry. The privatization process is overseen by the Department of Public Property in the Ministry of Finance and will close 45 days from the announcement of the tender.
INSIG was a state monopoly until 2000, since when the Albanian government have tried several times to sell it. Throughout this period the best deal was close to completion in 2009, when American Reserve Life Insurance has tendered EUR 25 million for a 61% stake of the company. At the time, the deal failed because the financial crisis prevented the buyer from paying the settled amount. Other privatization attemps followed with no satisfactory result.
According to the 2015 results published by the Albanian supervisory authority, INSIG ranks 7th on the non-life insurance segment, with an 5.84% market share and 3rd on the life insurance segment, with a 8.4% share of the total life GWP. The company's business on the life segment decreased in 2015 by almost 29%, to EUR 0.6 million, while on the non-life side INSIG saw an about 16% increase in GWP, to EUR 5.54 million.