Albania: the Competition Commission authorized the sale of INSIG Life

Albanian Competition Commission said it has approved the sale and transfer of 90% shares of the life insurer INSIG Jete (INSIG Life), from local insurer EUROSIG to two local businessmen: Shefqet KASTRATI and Samir MANE.

"The Competition Commission, by decision no. 478 dated 26.10.2017, decided to authorize the concentration achieved through the acquisition of control over the sale and transfer of the 90% quotes of INSIG Jete, from EUROSIG to Mr. Shefqet KASTRATI and Mr. Samir MANE, as this concentration shows any signs of restriction of competition in the market or in any part of it in particular, as a result of strengthening or establishing a dominant position. It is concluded from the analysis that after the transaction there will be no expected change in the life insurance market structure where the company INSIG Jete operates, as this transaction will not cause horizontal overlap of the activities of the parties as well as the affected markets", the Competition Authority announced in a statement.

According to the agreement, EUROSIG will receive ALL 473.3 million (about EUR 3.5 million) from the sale and will remain owner of a 10% stake in INSIG Life, SeeNews wrote.

Samir MANE is one of the richest Albanian entrepreneurs will acquire 45% of INSIG Life. Samir MANE is president and owner of BALFIN Group (Balkan Finance Investment Group), which is the largest private investment groups in Albania and region (operating in 10 countries). Group's investment portfolio can be classified in the activities of real estate development, retail, commercial and industrial space management and services, telecommunication, customer financing, mineral industry, tourism, energy and agriculture.

Shefqet KASTRATI will also acquire a 45% stake in INSIG Life. He is owner and president of the KASTRATI Group - a leading independent privately owned petroleum company, based in Albania.

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