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Albania's Eurosig selling 90% of Insig's life-insurance business - report

Albania's Eurosig selling 90% of Insig's life-insurance business - report wrangler/Shutterstock.com

TIRANA (Albania), May 5 (SeeNews) - Albanian insurer Eurosig is selling 90% of the life-insurance business of its wholly owned subsidiary Insig to two local entrepreneurs, Samir Mane and Shefqet Kastrati, according to media reports.

After the transaction, Eurosig will own a 10% stake in the life-insurance business of Insig, Albanian business newspaper Monitor reported on Thursday.

Kadri Morina, CEO of Eurosig, has confirmed the transaction is under way, Monitor said.

Insig had a market share of 7.7% in the life-insurance segment in Albania as of end-March, according to data from the country's financial supervisory authority, AMF.

Samir Mane is president and owner of one of Albania's largest private investment groups, Balfin Group. He will acquire 45% of the life-insurance business of Insig, according to Monitor. 

Shefqet Kastrati, who will also acquire a 45% stake, is the owner and president of Kastrati Group, a company for trading, storage and retail of petroleum. 

Eurosig bought both the life and non-life insurance businesses of Insig from Albania's government for 2.2 billion leks ($17.9 million/16.3 million euro) in May 2016. Back then the government received three more offers in the tender for Insig. One of the bidders was Balfin Group. Kastrati Group also participated in the tender jointly with its subsidiary Albsig.

(1 euro = 135.143 leks)

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