Skanska sells Luxembourg captive
Construction company Skanska has sold 100 percent of its share capital in its Luxembourg captive, Scem Reinsurance, to ArcelorMittal, a steel and mining company.
The captive, sold for €54 million (SEK 510 million), will be listed in the company’s Q4 2016 figures.
Skanska sold the captive after a strategic review of its European insurance activities. The review resulted in Skanska consolidating all its European insurance business to its captive located in Sweden.
The transfer of the shares has been approved by the Luxembourg regulator Commissariat aux Assurances.