INSIG (PORTAGE EQUITY)
Insurance, Pension, Mutual Funds
29 Jul 2003
27 Jun 2003
The objective of the proposed project is the participation in the privatization of INSIG through the acquisition of up to a 20% equity stake in the Company from the Albanian Government. Full privatisation of INSIG will be in two stages:
1. Sale of a maximum of 40% to the EBRD and IFC;
2. The sale of a minimum of 51% to a strategic investor and up to 9% to be offered to the public. The selection of the strategic investor will be made through an international open tender. It is envisaged that this second stage will be completed within 24 months of the entry of the EBRD and IFC.
The privatisation of INSIG is a key factor in the development of the Albanian non-bank financial institutions sector and will demonstrate the Albanian Government's continuing commitment to the development of the wider financial institutions sector. The support of the EBRD will assist INSIG in an important transition phase both in terms of the development of the insurance market and of the Company. The EBRD will help ensure that INSIG sets high standards for the operation of insurance business, particularly in terms of corporate governance. An investment in INSIG would also indirectly allow the EBRD to support transition in Kosovo and FYR Macedonia through the development of INSIG's businesses in these areas.
INSIG is a joint stock company formed out of the Institute of Deposits and Insurance and offers both non-life and life insurance products. INSIG maintains a leading market position through its strong brand name and its presence throughout Albania. The company is also a leading insurer in Kosovo where it has written motor insurance since 2000 and has recently formed a subsidiary in FYR Macedonia.
Amount to be confirmed following ratification by the Albanian government.
To be confirmed.
INSIG will conduct its insurance and asset management operations in accordance with the EBRD's Environmental Guidelines for the Insurance Sector.
Funds have been provided from the UK/EBRD Technical Cooperation Fund (South Eastern Europe) to finance a part-time advisor to INSIG's General Manager during 2003.
Mr Eduard Shalsi, General Manager, INSIG Sh.A.
Rruga e Dibres, No.91
Tel: +355 4 23 41 91
Fax: +355 4 22 38 38
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