US insurance company buys Albanian firm

US insurance company buys Albanian firm

American Reserve Life Insurance Company has agreed to buy 61% of Albania’s state-owned insurance company Insig for €25 million ($32 million), the country’s Finance Ministry said in a statement Tuesday.

The Dallas-based American Reserve Life Insurance Company won an international tender against nine other bidders and is in the last technical negotiations with Albanian authorities to take over the company.

Insig became Albania’s state-owned insurance company in 1991 and now ranks second and third in the country’s life and non-life insurance markets.

In 2003 the International Financial Corporation and the European Bank for Reconstruction and Development each took on 19.5% stakes in Insig.