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Historical Background
AtlantikSh.a. Insurance company is the third private company in the insurance market. It has been licensed to do business in the area of insurance on the official authorization of the Insurance Supervisory Commission (now called Financial Supervisory Authority) in May 2001.
At the time of its establishment this company had, in accordance with the law as well, a capital of 100 Million Leks and was the insurance company with the largest capital in the country. For this reason the company started the penetration into the insurance financial market with a highly solid financial situation providing guarantee and confidence for the insured, whose number started growing from the very first months of the company’s activity.
Atlantik continued to be ahead of its competitors regarding the capital increase process. In 2005, Atlantik tripled its capital and in 2007 the capital increased to 401 Million Leks. In December 2009 the capital increased to 525 million Leks and placed Atlantik in a solid financial position and also created the possibility to take on more responsibility to respond to large Business requests.
Mission and Vision Statement
Atlantik Company comes up with a new and contemporary insurance vision in Albania. It offers financial security and stability, in order to satisfy clients needs and to insure their life, property, health, business and future. Atlantik Company enables its clients differentiated insurance products through a specialized staff and insurance agents, which are omnipresent in Albania, in order to be always available and near the clients.
Goals and Objectives
Within a period of 10 years the goal is to occupy 20% of the insurance market in Albania by struggling to increase the specific rate of revenues from voluntary insurance in the market.
Another objective is to increase the share income reaching 5-7 % per year.
Finally the aim is to open two new branches of Atlantik in Kosovo and Macedonia.
Strategies to achieve objectives
• Coverage of 100% of the Albanian territory with offices and agencies, so that clients can find us all over the country. In order to do so, we are planning the recruitment of agents and insurance contract underwriters, who should be adequately specialized and trained, in order to offer the client the right insurance product once they need to be insured.
• Diversification of products. Having modern ideas on how an insurance market should function, Atlantik aims to increase voluntary insurance premiums such as: property insurance against fire, robbery and natural hazards; health and car insurance; credit and guarantee insurance; insurance of transported goods.
• Organization of continuous marketing campaigns to persuade people to be insured.
• Expansion and strengthen of the financial market in general and the opening of the Albanian Securities Market whose bonds market would help Atlantik company.
• Geographic diversification by also expanding the company beyond the borders of Albania: in Kosovo, Macedonia and Greece. In order for this to happen, legal criteria are to be met step by step and every year, in order to be eligible for opening new branches, and investments are to be carried out in order to materialize this objective in 2010.
• Increase the cooperation with second-handed banks by offering reciprocal services.
• Implementation of international insurance standards in the company. The activity should be carried out in compliance with the EU directives and national laws.
• Increase the risk management capacity.
Today’s Situation
• Market network Extension all over Albania. Atlantik with its 13 Regional Directories is present everywhere in the country: in Tirane , Durrës, Fier, Vlore, Elbasan, Korçe, Gjirokastër, Shkodër, Kukës, Berat, Dibër, LezhedheLushnjë. Atlantik has around 100 offices all over the country.
• Increase in number of clients. Atlantik has around 100,000 clients all over Albania. Atlantik is an important associate with Albanian large and important consortia such as all second-class banks, building companies, media institutions, gas companies, schools and universities, etc.
• Increase in ROE. Currently, the company’s ROE is higher than the interest rate in the Albanian financial market.
• Atlantik has a diversity of products. One of the company’s main objectives is to increase the specific weight of voluntary insurance: property, car, health insurance and different kinds of guarantee.
• Increase in risk management quality. Atlantik has powerful reinsurers that enable the company to have a solid position in the market. Leader of reinsurance agreement is SCOR – the largest reinsurance company in France and well known in the reinsurance market all over the world, but also Hannover Re and Markel, both companies quoted above BBB by Standard&Poors.
Company RIVIERA
The Company RIVIERA is founded on 1995 by Mr. Dritan ÇELAJ who is the sole owner of the company. Since the beginning, Mr. ÇELAJ understood the need of private sector for construction and focused its activity on this sector. The company started its activity by construction two condominiums in Fieri, one industrialized city in Albania. The products, target the segment of wealthy Albanians, how were looking for comfort and sizeable living space. After Fieri, Vlora, the biggest city in the South Albania was the next target of RIVIERA. The work in Vlora started with the construction of condominiums and expanded with the construction of different construction for private as well as public sector.
Today RIVIERA has become one of the most prestigious companies in the Albanian construction market. The construction activity is widespread in terms of both territory and scope. RIVIERA works include construction of roads, hotels, business centers, electric power stations, hospital facilities reconstruction of public buildings etc. RIVIERA has become a very reliable firm for foreign as well as domestic investors and donators.
The company has diversified its activity by investing in tourism, management of business center and lately in the construction and management of the biggest tourist project in Albania.
Following is a presentation of the construction activity in both public and private sectors. In the end you can find a financial presentation of the revenues generated by RIVIERA during the last years.
Private sector
Construction of private buildings is one of the priorities of RIVIERA. In order to satisfy the market demand, RIVIERA invests constantly in the construction of condominiums or other building for business purposes. Below are presented some of the main characteristics of the works done up to now by RIVIERACondominiums
Due to high demand for housing, the construction of condominiums is one of the most profitable in Albania. RIVIERA is successfully positioned in this market by offering high quality products. The difference consists on high quality of construction, comfort, as well as a well designed and very attractive architecture. The success of the company stands on:
1. Perfect functionality
2. Use of advanced technology
3. Use of materials of high quality
4. Interior decoration of high standards
5. Modern architecture
6. Maintenance of a very good ratio between quality and price
Other private buildings
Other private buildings include hotels, commercial centers, the network of offices of the Insurance Company ATLANTIK.
It is of particular importance the experience of RIVIERA in the construction of commercial centers. RIVIERA is a leader in the field in Albania. The Commercial Center Riviera in Vlora is one of the most distinct and most beautiful constructions in Albania. It is the biggest, the most modern and one of the most successful commercial centers in Albania due to:
1. A perfect position in one of the biggest, most attractive cities such as Vlora
2. A very distinct architecture
3. Construction following all the EU standards
Public sector
The public sector continues to play an important role in the Albanian construction market. Through its own funds or through donators, it finances the construction of new buildings, reconstruction of existing ones the upgrading and expansion of the road network, the water- supply network etc. RIVIERA has participated and won many public tenders launched by the public sector. The success of Riviera stands on:
1. A correct and professional relationship with the investors
2. Punctuality on meeting the deadlines
3. Application of modern technology
4. Possession and use of an extended base of construction machineries
5. A highly qualified and very experienced staff
6. High level of guarantee for the work performed
7. High level of professionalism and quality in the work performed Following are the main categories of work done by RIVIERA for the public sector.
Public facilities
RIVIERA has constructed and reconstructed many public facilities financed by the government as well as by different donators. Those facilities include schools, hospitals, sport facilities etc.
Public Works
There are many public offices reconstructed or newly build by RIVIERA. Some of them are:
1. The Prime Ministry of Albania
2. Reconstruction and extension of Custom in Morina (border between Albania and
Kosovo)
3. The harbor of Vlora
4.PowersectorrehabilitationandrestructuringprojectstrengthenofT&Dsystemin VloraFier.
5. ReconstructionofwholesalemarketforfruitsandvegetablesinKorça
Earth Works – Roads – Waste-water and water-supply networks
The roads, waste water and water supply networks in Albanian are in a process of continue upgrade and expansion. RIVIERA has constructed and reconstructed many of those networks, related with diferent projects as Rehabilitation of rural roads- Project 17, (Cards programe), Reconstruction of roads Transballkanike , RadhimaNarta in Vlore city, “ThimiTani in Kuçova, Reconstruction and extention of Custom in Morina, Reconstruction of wholesale market for fruits and vegetables in Korça
The Works in the Public Energy-Sector
The activity of the company has been a continuing success in the civil works and erections for reconstruction of 220/110/35 Kv Substations :
1. OHTL110KVElbasan–Cerrik
2. Reinforcementof110KVSubstationofElbasancity.
3. Reinforcementof110/20KVSubstationVlora.1inVloracity.
4. Reinforcement of 220 /110 KV Substation in Fier city
5. Constructionofnew110/20KVSubstationVlora.2inVloracity.
6. Constructionofnew220/110/35KVSubstationinBabicainVloracity.
7. Distributionof20KV/networkinElbasancity.
Strengths of RIVIERA
The activity of the company has been a continuing success. Today RIVIERA is a well known name in the Albanian construction market. The main strengths of RIVIERA are:
- An extensive experience in the market which make the company one of the most experienced companies in Albania
- The ownership of an wide range of modern construction machineries which enable RIVIERA to apply the latest construction technology. RIVIERA Company possesses numerous powerful means and machines for housing, social enterprises and road construction, highways included, as well.
- Highly qualified staff which enable the company to undertake very complex and challenging projects
- Usage of modern architecture which differentiate the buildings constructed from RIVIERA from other constructions
- Punctuality and correctness in the relationship with investors and other clients which brings to the company repeated business
The Building complex “Residence Marina” in Vlora
The place
The complex will occupy a parcel of land 5300 sq. m. The parcel is placed 50 m far from the seaside. The area is one of the most preferred in the city of Vlora. There are not other buildings of comparable size in the area. In front of the complex there is one of the main boulevards of the City. This boulevard is the most populated one during the summer.
Overview of the Complex
The building complex Residence Marina consists on four buildings one on the front, two on the sites and one in the end. The total building area is 21,500 m2. This area Tourist Resort in Kakome Bay
The Albanian company Riviera has the pleasure to present you the greatest tourist project in Albania; the construction of the Tourist Resort in Kakome– Saranda- Albania. The Resort will be placed in the coast of the Jonian Sea in South Albania. It will be different from all other tourist villages built up to date in Albania. The Kakome Resort will have a strictly tourist destination. It will target foreign tourists by offering many resting, relaxing and entertaining areas.
The most distinctive characteristic of the Tourist Resort in Kakome Bay is the magnificent landscape of the nature combined with two wonderful beach areas. The construction will guarantee the preservation of unique region characteristics; a “virgin” territory with a wild-like and rare landscape. Tourists will have the impression of being part of a very special adventure. This will be achieved through constructions with unique architecture bearing the characteristic elements of the region (stone, cottages, scattered wards, breakfast served in the shade of the trees, etc.). According to its very special characteristics the tourist Resort will look like “The place of New Robinsons”
The Resort will be constructed in an area of 700,000 meter square. There will be built 400 one or two-flours villas. The capacity is 700 beds. The Resort will be operative for 175 days (five and a half months) a year. There will be many resting, relaxing and entertaining areas such as swimming pools, sports ground to practice various sports, cinemas, shops, etc. In addition to the usual activities very special activities such as gardening, cookery courses, etc, will be offered. Below you can find some sketches of the project.
The market segment to be target is adult tourists; mainly singles aged between 27 - 40 and couples under the age of 45. Referring to the region characteristics the resort is expected to be mostly preferred by Italian and/or French tourists. Due to the short distance from Corfu (3-4 km) the Corfu Airport will be used as the main arrival and departure of tourist from all around the world. Tourists after landing in Corfu will travel by ferry boat to Kakome. The voyage lasts only 20 minutes.
The investment in the construction of the Tourist Resort will be joint investment by Riviera and Club Med. The Albanian Construction Company RIVIERA will keep themajority of shares in order for the project to remain of Albanian ownership. The French company "Club Méditerranée" ( www.clubmed.com ) ranked among the biggest companies in the world is going to be the Tour Operator of the Resort. "Club Med" will provide a contemporary management to the Resort. The long experience, widespread network of Resorts all over the world as well as the management of a great number of tourists every year are guaranties for the success of the business. The conception of the Resort's architecture and the design of the project is an exclusivity of the well known Spanish company "Patrick Genard& Associates" ( www.patrickgenard.com ). The studio has successfully completed many famous architectural works. The involvement of this studio is a guarantee in achieving a very high quality of the design, and a perfect combination between a wild-like virgin environment and a contemporary relaxing and entertaining Resort.
Others Activities
1. Owner of “ATLANTIK” Insurance Company. The company is licensed for property and causality insurance only. Mr. ÇELAJ holds 95.1% of the shares in the Company. ATLANTIK is one of the leading company in the country.
2. Banka Populore (The Popular Bank) is a new bank founded by a group of Albanian Businessmen. Mr. ÇELAJ is one of the shareholders in the bank.
3. The Tirana International Hotel is the largest hotel in Albania. It is placed in the center of Tirana, the Capital of Albania. The hotel is privatized in May 2004 by a group of Albanian businessmen. Mr. ÇELAJ is one of the shareholders of the hotel.
4. Participation in Join –Venture with Eco-Acqua company, for cleaning of Tirana city since May’ 2005
On the other hand Riviera will continue to participate in tenders all around Albania as well as continue to construct different construction object for private ownership.
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