June 30, 2011 / 12:27 PM / 8 years ago

Albania to try and sell insurer INSIG again

TIRANA, June 30 (Reuters) - Albania’s government will offer for sale up to 100 percent of state-owned insurer INSIG after its last U.S. buyer backed out of a deal two years ago, a government official said on Thursday.

INSIG, which was created in 1991 and had a monopoly in the insurance market until 2000, has been offered for sale four times this decade without success. The onset of the global financial crisis doomed the last effort.

“We shall put on sale 100 percent of the shares in an international tender open to domestic and foreign investors with experience in the insurance market,” Lindita Rusmali, head of the Finance Ministry’s legal department, told Reuters.

“All this will follow a new evaluation,” Rusmali added.

The government will ask for a new evaluation to serve as a benchmark for the sale, Rusmali said. A date for the sale process has yet to be fixed.

Two years ago, American Reserve Life Insurance company agreed to buy a 61 percent stake in INSIG for 25 million euros ($36.1 million), but later withdrew. (Reporting by Benet Koleka; Editing by Will Waterman)

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