Lufthansa Group remains tight-lipped on reports that it is looking to sell its insurance subsidiaries Albatros and Delvag.
This follows reports by Bloomberg and German business daily Handelsblatt that the airline group is working with advisers to find a buyer for the two units in line with efforts to streamline its core business operations.
A Lufthansa spokesman refrained from commenting on the reports.
Delvag Versicherungs-AG focuses on aviation, transport and reinsurance, while Albatros Versicherungsdienste GmbH acts as an insurance broker and advises corporate customers in and outside the Lufthansa Group. The Delvag Group is completed by Albatros Financial Solutions GmbH, which takes care of the workforce's private insurance and financial needs.
Delvag and its subsidiaries currently employ more than 300 people, most of them at the company's headquarters in Cologne, according to the company website.
Handelsblatt last month reported that Lufthansa Group could sell the insurance subsidiaries after it parted with catering subsidiary LSG Sky Chefs to private equity group Aurelius and business travel service provider Lufthansa AirPlus Servicekarten to SEB Kort Bank AB of Stockholm, Sweden. The moves aligned with a strategy to focus on core airline businesses and sell non-core units to raise cash. Proceeds from the divestment are to flow into the purchase of new aircraft and the acquisition of other airlines, as was recently the case with ITA Airways (AZ, Rome Fiumicino).
The group is also in the process of selling a minority stake in its maintenance unit, Lufthansa Technik.
