{"id":17274,"date":"2019-10-23T13:30:49","date_gmt":"2019-10-23T17:30:49","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/caisse-and-ontario-teachers-partner-with-insurance-firm-cppib-sells-stake-in-parking-company-137806"},"modified":"2019-10-23T13:30:49","modified_gmt":"2019-10-23T17:30:49","slug":"caisse-ontario-teachers-partner-with-insurance-firm-cppib-sells-stake-in-parking-company","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/10\/23\/caisse-ontario-teachers-partner-with-insurance-firm-cppib-sells-stake-in-parking-company\/","title":{"rendered":"Caisse, Ontario Teachers\u2019 partner with insurance firm, CPPIB sells stake in parking company"},"content":{"rendered":"\n
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Staff<\/span> | October 23, 2019 <\/p>\n

The Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec and the Ontario Teachers\u2019 Pension Plan are partnering with Anurag Chandra<\/span>, former chief executive officer of Prosperity Life Insurance Group, to launch Constellation Insurance Holding, a new platform focused on property and casualty and life insurer acquisitions and demutualizations.<\/p>\n

\u201cConstellation plans to invest in stock and mutual insurers based in North America that are seeking growth capital, stronger ratings, scale efficiencies and equity incentives while maintaining their independent management structure, brand identity, operations and entrepreneurial culture,\u201d said Chandra, who is now founder, chairman and chief executive officer of Constellation, in a press release.<\/p>\n

With the Caisse and the Ontario Teachers\u2019 as founding investors, the venture has raised US$500 million in capital.<\/p>\n

\u201cWe believe this new partnership, which allies a unique combination of expertise to a flexible investment horizon, will provide a source of competitive advantage for Constellation,\u201d said Stephane Etroy, executive vice-president and head of private equity at the Caisse.<\/p>\n

Read: Caisse putting $50 million towards Quebec seed funds<\/a><\/strong><\/p>\n

Jane Rowe, executive managing director for equities at the Ontario Teachers\u2019, also noted Chandra\u2019s significant track record in the insurance sector. \u201cWe expect this partnership with Constellation and CDPQ to create significant value for our stakeholders.\u201d<\/p>\n

In other investment news, the Canada Pension Plan Investment Board is selling its 39 per cent stake in European parking lot owner and operator Interparking to financial services provider APG.<\/p>\n

Interparking operates across nine countries with 949 parking sites. Other investors, AG Real Estate and Parkimo, will maintain their stakes in the company.<\/p>\n

Read: Ontario Teachers\u2019 boosting partnership in digital business incubator<\/a><\/strong><\/p>\n

\u201cInterparking has been an important and integral part of our European infrastructure portfolio for a number of years,\u201d said Scott Lawrence, managing director and head of infrastructure at the CPPIB, in a press release. \u201cOur partnership with our co-investors \u2014 AG Real Estate and Parkimo \u2014 and the Interparking management team has been very positive and has contributed to the company\u2019s continued success as a leading owner and operator of high quality car parks across Europe.\u201d<\/p>\n

The transaction is expected to close in the coming months.<\/p>\n

Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Staff | October 23, 2019 The Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec and the Ontario Teachers\u2019 Pension Plan are partnering with Anurag Chandra, former chief executive officer of Prosperity Life Insurance Group, to launch Constellation Insurance...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17274"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17274"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17274\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}