Canada Pension Plan Investment Board to acquire Ascot from American International Group for $1.1bn.

Canada Pension Plan Investment Board, a professional investment management organization, has agreed to acquire Ascot, a Lloyd’s of London syndicate and a global speciality insurance underwriter, from American International Group, an American multinational finance and insurance corporation, for $1.1bn. “This acquisition represents another important step in our strategy to achieve scale in targeted sub-sectors within financial services through long-term platform investments. Ascot’s proven track record of superior underwriting performance through pricing cycles, standing in the Lloyd’s specialist insurance market and highly experienced management team, provides CPPIB with turn-key access to an asset class that is well-suited to our long-term horizon.” Ryan Selwood, CPPIB Managing Director.