Albania sells insurance company to U.S.

TIRANA, Dec. 9 (Chinese media) -- Albanian authorities said on Tuesday that an American company has agreed to buy the Balkan country's flagship insurance company for 25 million euros (32 million U.S. dollars).

American Reserve Life Insurance Company has outbid nine other international bidders to take over 61 percent of Albania's state-owned insurance company Insig, the country's Finance Ministry said in a statement.

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.

The company now operates in Albania, Kosovo and Macedonia, with an estimated asset of 63 million U.S. dollars.

Albania has so far sold off most of its profitable companies. In 2007, Albania sold a majority stake in its land line telephone company, Albtelecom, to a Turkish consortium for 120 million euros(190 million U.S. dollars).

A U.S. consortium bought 85 percent in Albania's only oil refinery ARMO at 125 million euros (195 million U.S. dollars) in August.

And a month later, Albania sold 76 percent of stake in its power distributing arm KESH to a Czech company for 102 million euros (150 million U.S. dollars).