ALBSIG S.C INTRODUCTION
1. The company was licensed on 10.09.2004 by the Insurance Supervising Authority, Tirana, Albania with the Decision No.45, and dated 10.09.2004 with the attribute of non-life insurer (claims handling).
At the same time, with a Verdict of the Ministry of Finance of the Macedonian Republic No 11-4868/12, dated 23.04.2007, ALBSIG S.C Tirana, was permitted to operate in the territory of Macedonia.
The licenses give the right to sell a wide variety of non-life products, and this fact has made it possible to have a wide range of activities with considerable financial effects.
2. ALBSIG S.C represents the joining of capital of well-known people in the Albanian trade field.
The Basing Capital (including ALBSIG Macedonia) on 31.03.2008 reaches EUR 4 750 000, (the exchange rate 1 EUR = 123 ALL) from which:
I - Albsig S.C Tirana: EUR 4 000 000 with this structure:
a- Monetary means EUR 3 000 000:
b- Contribution in nature EUR 1 000 000 (working premises for the administration).
c- The number of shares in the Basing Capital of the Company is 493 210 with a nominal value of 1000 ALL each
II - ALBSIG AD Macedonia: EUR 750 000 with the following structure
a- Monetary means EUR 750 000
b- The number of shares in the Basing Capital of the Company is 75 000 with a nominal value of EUR 10 each.
III - The shareholders of the company are:
- Shefqet Kastrati with 70 % of the shares
- Bajram Xhaja with 10 % of the shares
- Faik Bruci with 10 % of the shares
- Frida Muçmata with 5 % of the shares
- Gezim Huqi with 3 % of the shares
- Natasha Dhoqina with 2 % of the shares
3. ALBSIG S.C runs its activity with the headquarters in Tirana through 14 branches, expanded all over the territory of Albania; and it operates all over the territory of Macedonia with 16 branches.
Through an attracting and stimulating policy of human resources, ALBSIG has employed the best specialists, agents and service officers in the Albanian Insurance market which have very good knowledge because of their previous experience in the insurance world.
In the governing and administrative structures of the Company contribute around 170 (70 of whom in Macedonia) and a considerable number of people are engaged and operate directly in the selling net for products in the role of insurance agents.
4. The Activity of ALBSIG S.C in Albania and Albsig AD in Macedonia, in compliance with the legislation and the framework of licensing, operates and comprises the insurance groups listed below:
Group I: “Accidents” and Group II “Diseases”: the insurance from personal accidents, individual and collective ones, the insurance of the creditor, the insurance of health in travel, the insurance of pupils and students who study within the country and students attending their studies abroad.
Group III : “Vehicles” (different from those moving on rails)”: CASCO, (car self coverage) the insurance of the self motor vehicle, which are possessed by the attribute of the owner or under lien in favor of banks, partial Casco (only for crash damages which is sold together with TPL).
Group IV: “Vehicles moving on rails”: The insurance of self vehicles moving on rails.
Group V: “Aircrafts”: The insurance of aircrafts.
Group VI: “Vessels”: The insurance of the vessels.
Group VII: “Goods in transit”: the goods insurance during the transportation of all kinds.
Group VIII: “Fire and Natural Perils” and Group IX: “Other Damages of the Property”: the insurance of all objects defined as “real estate” and their content possessed by the attribute of the owner or pledged in favor of banks, as well as businesses in agriculture and cattle raising.
Group X: “The civil liabilities from the use of motor vehicles”: the obligatory insurance of the liability for damages caused to a third party as consequence of the use of motor vehicle (MTPL).
Group XI: “Civil Liabilities from the usage of aircrafts”: the insurance of liabilities to third parties for damages caused during the usage of aircrafts.
Group XII: “Civil liabilities from the usage of vessels”: the insurance of liabilities to third parties for damages caused during the usage of vessels.
Group XIII: “General Civil Liabilities”: The insurance of public professional liability and public liability of the product for damages caused to the property and health of third parties.
Group XIV: “Guarantees”: The insurance of all warranties to participate in the procurement procedures and some contract insurances towards financial public institutions and others of this nature, as well as the insurance of money in case and in travel.
Currently ALBSIG has launched in the Albanian and Macedonian insurance market approximately 25 products of good quality and entirely assimilated by the native clients.
5. The activity of ALBSIG S.C so fare reflects very positive achievements and at the same time expresses serious expectations in the line of the insuring business.
Actually, Albsig S.C possesses about 9% of the Albanian insurance market in total, whereas in the product of TPL which consist the main portfolio of the company, it possesses over 11% of the insurance market.
During year 2007 the Company realized a general value (gross premium) over 3 million EUR and profit about 300 000 EURO.
The Company in Macedonia is doing very positive steps. During a period of 6 months of the activity (1 July when it begins its activity until 31 December) all the initial expenses have been covered and the necessary coverage for the technical resources has been enabled. During this period it has been realized a premium volume of about 1.2 million EUR.
During the first three months of year 2008, ALBSIG S.C in Albania managed to own about 9% of the Albanian insurance field market, while TPL product, in which consists the main portfolio of the company owns over 11% of the market. Albsig has also succeeded the same position in Macedonian insurance market, thus at the end of the first year of its activity, it is in the forth place with 8.8% of the market, leaving behind 6 other operators, which have a long time that operate in this market.
During the first three months of year 2008, Albsig realized a general sum (gross premiums) over EUR 2.3 million, index which expresses optimism for more considerable achievements in the activity continuance.
Now Albsig presents itself with consolidated technical reserves, and this fact makes possible the effective coverage of the undertaken liabilities. The technical resources reach about 3 million EUR, 1.4 million EUR of which are destined to the liabilities coverage of Macedonia territory.
6. The whole managing scheme of ALBSIG is based on new and effective techniques of the financial administration. The whole process of administration is computerized and this fact makes it possible to have an operative control and to avoid thefts, abuses and misusages in the whole pyramid of the company activities.
The legal acts are strictly respected in all aspects of the activity. The whole managing scheme in Albania and Macedonia fulfills totally the requests of the native legislation.
7. We emphasize that in the insurance activity, ALBSIG S.C is assisted by prestigious reinsurance companies such as: HANNOVER RE, CORIS, MUNICH Re, LLOYD`S, and CORIS, whose technical and financial assistance has been and continues to be permanent and a guarantee for any insurance transaction.
8. The strategic aim of the decision-approving and executive bodies of ALBSIG is the general consolidation of the Company. In this context, it is claimed:
- The regional extension (prior Montenegro and Kosovo, the attempts according to this matter are at full pelt with concretizing ideas in the near future).
- Portfolio completion of Non Life insurance (the issuing of the insurance product classified under class 14 “Credit Insurance” and class 16 “Several Financial Losses”)
- The licensing of the activity in Life Insurance field (Albania, Macedonia during years 2008-2009, and in Montenegro and Kosovo after year 2010).
- The licensing for Reinsurance activity.
- The abovementioned aims require important investments, therefore it is aimed partnership with powerful subjects in insurance lines or/and in financial activities.
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