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CPP Investment Board buys Ascot Underwriting for $1.1B

Part of a strategy to grow in specific sub-sectors in financial services.


TORONTO — The Canada Pension Plan Investment Board has signed a deal with American International Group to buy Ascot Underwriting Holdings Ltd. for US$1.1 billion.

Ascot is a Lloyd’s of London syndicate and a global specialty insurance underwriter.
CPPIB says the deal is part of its strategy to grow in specific sub-sectors in financial services.

Once the deal is complete, Ascot will operate as a stand-alone, business run by its current senior management team including chief executive Andrew Brooks.
CPPIB invests the money not needed by the Canada Pension Plan to pay current benefits.

News from © Canadian Press Enterprises Inc. 2016

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