(January 6, 2010) – The Ontario Teachers’ Pension Plan (Teachers’), the largest single-profession pension plan in Canada with $86.4 billion in net assets, is heading an investor group that will acquire American International Group Inc.’s (AIG) Canadian mortgage insurance business.
“This fits beautifully into our direct investment portfolio,” said Teachers’ spokeswoman Deborah Allan to CBC News in Canada. “Canadian mortgage insurance is a market that we’re interested in. It’s a niche market, it’s a growing industry and we plan to grow the business over the coming months.”
AIG’s Toronto-based United Guaranty Mortgage Insurance Company, with assets of roughly $274 million, is a private mortgage insurance provider in Canada that entered the market in 2006. It’s also the latest division to be sold by AIG. Insurance giant AIG has been selling assets to help repay its massive government bailout package received last fall in the midst of the financial crisis.
In other news, the Canada Pension Plan Investment Board has unveiled two promotions, according to The Globe and Mail news service: Mark Wiseman is moved up from his role running private equity investments to head all of investments, and Don Raymond is named chief investment strategist.
To contact the <em>aiCIO</em> editor of this story: Kristopher McDaniel at <a href='mailto:email@example.com'>firstname.lastname@example.org</a>