Transaction|January 10, 2011
Ontario Teachers' Pension Plan completes sale of GCAN Insurance to RSA Canada
Torys acted as counsel to Ontario Teachers' Pension Plan Board with a team that included Matthew Cockburn, Guy Berman, John Unger, Christina Medland, Omar Wakil, Ryan Unruch, Huw Evans, Blair Keefe and Sue-Anne Fox.
On January 10, 2011, Ontario Teachers' Pension Plan (Teachers'), through its private investment department, Teachers' Private Capital, completed its previously announced agreement to sell GCAN Insurance Company to RSA Canada, the second-largest insurance transaction of the past decade in Canada.
Teachers' sold the commercial insurer and its parent company, Glenstone Capital Incorporated, to RSA for C$420 million.
GCAN, a leading Canadian-owned commercial property and casualty insurer, became a subsidiary of Glenstone Capital Inc., a portfolio company of Teachers' Private Capital, in 2005.
RSA Canada is a property and casualty insurance company that provides home, car and business insurance through a network of independent brokers nationwide.
Further information is found on the website of Canada Newswire.
Teachers' sold the commercial insurer and its parent company, Glenstone Capital Incorporated, to RSA for C$420 million.
GCAN, a leading Canadian-owned commercial property and casualty insurer, became a subsidiary of Glenstone Capital Inc., a portfolio company of Teachers' Private Capital, in 2005.
RSA Canada is a property and casualty insurance company that provides home, car and business insurance through a network of independent brokers nationwide.
Further information is found on the website of Canada Newswire.