22 December 2016Actuarial & underwriting

Skanska sells Luxemburg captive subsidiary following strategic review

Skanska has sold 100 percent of the share capital in Scem Reinsurance, a Skanska captive subsidiary in Luxemburg, to ArcelorMittal, a steel and mining company.

The purchase price is €54 million, on a debt free basis. The divestment will be recorded in the fourth quarter of 2016. The transaction will not have any material impact on the profit for the period, the company said.

The divestment takes place after a strategic review of Skanska's European insurance activities, resulting in a decision to consolidate all such business in Skanska's captive in Sweden.

The transfer of the shares has been approved by the Luxembourg regulator Commissariat aux Assurances.