CPPIB to acquire Ascot Underwriting from AIG for $1.1 bln
Canada Pension Plan Investment Board has agreed to acquire 100 percent of Ascot, the Lloyd’s of London platform of American International Group. The deal, which is being done in partnership with Ascot management, is valued at US$1.1 billion. It includes Ascot Underwriting Ltd and Ascot Corporate Name Ltd, as a capital provider for Syndicate 1414 at Lloyd’s. Upon closing, Ascot will continue to operate as a stand-alone business governed by its own board and led by CEO Andrew Brooks. CPPIB's Ryan Selwood, named head of direct private equity this week, said Ascot is "an ideal platform through which CPPIB can access diverse global insurance premiums at scale."
16 September 2016•4 mins read
