Caisse de dépôt et placement du Québec has provided $150 million in financing to La Capitale Financial Group, a Québec City-based mutual insurance company. The deal will support La Capitale’s growth and strategic development plan. Founded in 1941, La Capitale, which oversees $6.4 billion in assets, operates in the personal and property and casualty insurance sectors. The Caisse has recently invested in a number of insurance companies, including U.K-based Hyperion Insurance Group, which secured over US$400 million from the pension fund this month.
La Capitale obtains $150M in financing from la Caisse
MONTRÉAL, Dec. 21, 2017 /CNW Telbec/ – Caisse de dépôt et placement du Québec announces the closing of $150 million in financing to La Capitale Financial Group, a large Québec insurance mutual.
This transaction will provide La Capitale with additional capital to continue to grow and support its strategic development plan.
La Capital operates across Canada in the insurance of persons and property and casualty insurance sectors. In addition to offering products to the public, La Capitale is the dedicated insurer of thousands of workers in the Québec public service.
“La Caisse is delighted to partner with La Capitale, a Québec insurance leader,” says Marc Cormier, Executive Vice-President, Fixed Income at la Caisse. “Because of its resilience to economic cycles and the stable, long-term-oriented returns it generates, the insurance sector is perfectly in line with the investment profile sought by la Caisse.”
La Capitale has some 2,700 employees and assets of $6.4 billion.
In addition to its interests in certain Québec insurers, la Caisse recently carried out major transactions in this sector abroad. Over the past two years, it has supported Greenstone in Australia, USI and Sedgwick in the United States, and U.K.-based Hyperion Insurance Group.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2017, it held $286.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
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Photo courtesy of La Capitale Financial Group