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.