EXCLUSIVE Canada’s CPP Investments seeks to sell insurance groups in strategy U-turn -sources – Reuters

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A Canadian dollar coin, commonly known as the “Loonie,” is pictured in this illustration picture taken in Toronto, January 23, 2015. REUTERS/Mark Blinch/File Photo

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NEW YORK, Dec 8 (Reuters) – Canada Pension Plan Investment Board (CPP Investments) is seeking to sell its Wilton Re and Ascot Group insurance platforms, marking a strategic U-turn for the fund in the face of intense competition, people familiar with the matter said on Wednesday.

CPP Investments is preparing to launch the sale processes in the new year. The investment bank working for the fund on the sale of Wilton Re, which the sources said could be valued at more than $4 billion plus debt, has already begun informally reaching out to potential bidders to gauge their interest. It is not clear what valuation Ascot Group could attain.

The sources spoke on condition of anonymity and cautioned that no deal is certain for either business.

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