Ascot, Wilton Re owner mulls sale in face of fierce competition
Canadian pension fund manager CPP Investments is looking to sell its major insurance assets, Bermuda-domiciled speciality re/insurer Ascot Group and US-based Wilton Re, in a “strategic U-turn in the face of intense competition”, Reuters reported citing sources “familiar with the matter”.
CPP is preparing to launch the sale processes in the new year, and has already started reaching out to potential bidders.
The report stated that Wilton Re could be valued at more than $4 billion, but the potential valuation of Ascot Group was not yet clear.
The report’s source stresses that no deal is certain for either business, however, and both re/insurers have declined to comment.
Ascot is a global specialty insurance and reinsurance group offering a broad range of property and casualty products through its Lloyd’s and Bermuda market platforms. In the US, Ascot provides specialised insurance products to small and mid-sized businesses as well underwriting services to carrier and syndicate partners through its MGU Ethos Specialty.
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