Press releases | Private Equity & Financial Sponsors, Tax | 19 Sep 2016

Ascot enters Investment Relationship with Canada Pensions Plan Investment Board

Overview

Travers Smith LLP has advised the senior management team of Ascot Underwriting Holdings Limited ("Ascot") on their entry into a new investment relationship with Canada Pension Plan Investment Board ("CPPIB") as part of a US$1.1 billion deal. CPPIB is a professional investment management organization that invests the funds of the Canada Pension Plan on behalf of its 19 million contributors and beneficiaries. The transaction is subject to regulatory approval.

The Travers Smith team was led by Senior Partner Chris Hale who was supported by private equity associate Laura Pembridge. Tax partner Kathleen Russ and senior tax associate Andrew Callaghan provided tax advice to management.

Ascot is a Lloyd’s of London syndicate and a leading global specialty insurance underwriter. Ascot's expertise covers a wide range of business including Property, Energy, Cargo, Terrorism and Political Risk, Marine Hull and Liability, Casualty, Renewable Energy, Excess of Loss Reinsurance, and Specie and Fine Art. Ascot is well respected within the Lloyd’s market for its ability to underwrite complex and critical risks, with many of its underwriters recognized as experts in their respective classes of business.

Following the sale of Ascot, Chief Executive Officer Andrew Brooks will continue to lead the business alongside the rest of the senior management team in their new partnership with CPPIB.

As part of the transaction, American International Group has divested its interest in Ascot but will maintain its strong, ongoing strategic relationship with Ascot Underwriting Bermuda.

Other legal advisers working on the transaction included Debevoise & Plimpton LLP and Freshfields Bruckhaus Deringer LLP.