Canada Pension Plan Investment Board, Toronto, has agreed to acquire Ascot Underwriting Holdings, a Lloyd's of London syndicate, from American International Group for $1.1 billion, the board and AIG announced Friday.
Ascot, a global specialty insurance underwriter focusing on property insurance, marine insurance and reinsurance, will continue to operate as a stand-alone business and will retain its entire senior management team, led by CEO Andrew Brooks, CPPIB and AIG said in separate news releases. CPPIB manages the assets of the C$287.3 billion ($221.1 billion) Canada Pension Plan, Ottawa.
Ryan Selwood, managing director, head of direct private equity at CPPIB, said the board has "studied the global property and casualty insurance sector for several years and specifically identified Ascot as an ideal platform through which CPPIB can access diverse global insurance premiums at scale."
The deal is pending regulatory approval. Neither CPPIB nor AIG indicated a closing date.
