Sunday, September 21st21.4°C
23284
22646

CPPIB to buy U.S. insurance company Wilton Re Holdings Ltd. for US$1.8 billion

TORONTO - The Canada Pension Plan Investment Board said Friday it has signed an agreement to buy U.S. insurance company Wilton Re Holdings Ltd. for US$1.8 billion.

The Canadian pension fund manager, together with management of the insurer, will acquire the company from a group of investors led by Stone Point Capital, Kelso & Co., Vestar Capital Partners and FFL.

Wilton Re specializes in the acquisition and management of blocks of life insurance policies and annuities.

Andre Bourbonnais, senior vice-president of private investments at CPPIB, said the fund manager will help Wilton Re grow.

"In making a long-term investment in Wilton Re, CPPIB views the company as an ideal platform through which CPPIB can deploy significant follow-on capital at scale in the U.S. life insurance sector," he said

CPPIB invests the money not needed by the Canada Pension Plan to pay current benefits.

The Canadian Press


Read more Business News

23480


Recent Trending




Today's Market
S&P TSX15265.35-200.19
S&P CDNX955.06-10.73
DJIA17279.7413.75
Nasdaq4593.426-13.637
S&P 5002010.40-0.96
CDN Dollar0.9116-0.0005
Gold1216.60-10.00
Oil92.41-0.62
Lumber329.00-0.90
Natural Gas3.903-0.064

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.37+0.05
Cantex0.05-0.01
Anavex Life Sciences0.223-0.0031
Metalex Ventures0.060.00
Russel Metals35.75-1.26
Copper Mountain Mining2.66-0.02
Colorado Resources0.165-0.01
ReliaBrand Inc0.0249+0.0009
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.29-0.01

 





FEATURED Property
15103442541 Whitworth Road
4 bedrooms 4 baths
$3,950,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Is this a fair offer from ICBC?

“Is this a fair offer from ICBC?”…. “How much should I settle for?”… “What is my claim worth?” These are just some of the questions I regularly get as...


Disruptive innovation

Last night I was privileged to be able to speak at the Greater Westside Board of Trade business awards dinner. Photo: ContributedI talked about Innovation and Collaboration which are two very interes...


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...

_








Member of BC Press Council


22755