Insurance
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Canada pension board buys insurer Wilton Re for $1.8 bln

The Canada Pension Plan Investment Board (CPPIB) has agreed to buy U.S. life insurance and reinsurance provider Wilton Re Holdings Ltd for $1.8 billion from a group of private equity firms, the first foray by the global deal-maker into the U.S. insurance business.

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CPPIB agrees to buy Wilton Re for $1.8 bln

Canada Pension Plan Investment Board said Friday that it has agreed to acquire Wilton Re for $1.8 billion. The sellers include Stone Point Capital, Kelso & Company, Vestar Capital Partners and FFL. Headquartered in Hamilton, Bermuda, Wilton Re is a life insurance provider for the U.S. market.

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PE-backed Auction.com adds former Oracle CFO to board of directors

Auction.com has named Jeff Epstein to its board of directors. Epstein is the former chief financial officer for Oracle. Currently, he is an operating partner at Bessemer Venture Partners and a senior advice for Oak Hill Capital Partners. Auction.com, which is backed by Google Capital and Stone Point Capital, is an online real estate marketplace.

CIVC Completes GWC Warranty Corporation Sale

CIVC Partners, a middle market private equity firm focused on investments in the financial services and business services sectors, has sold GWC Warranty Corporation to Stone Point Capital. Headquartered in Wilkes-Barre, PA, GWC is a marketer, administrator, and underwriter of vehicle service contracts sold through automobile dealers.

Markel Inks $3.13 Bln Buy of Alterra

Markel Corp. said Wednesday that it has agreed to buy Alterra Capital Holdings for about $3.13 billion. Each Alterra common share will be converted into the right to receive 0.04315 Markel common shares plus $10 million in cash. The deal is expected to close in the first half of 2013. Markel will end up owning 69% of the combined company wile Alterra will have about 31%. Alterra, a reinsurer, is backed by Stone Point Capital. Citigroup advised Markel while BofA Merrill Lynch provided financial advice to Alterra.

Alterra Boost Capital Committed to New Point V To $247 Mln

Alterra Capital Holdings, which is backed by Stone Point Capital, said it has increased the total capital committed to New Point V to $247 million. Previously, Alterra had commited $210 million to the sidecar. New Point V also has funding from Stone Point, the manager of Trident Funds.

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