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.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all