With the Canada Pension Plan Investment Board (CPPIB) set to purchase Ascot Underwriting for $1.1 billion, it has been revealed that Freshfields Bruckhaus Deringer, Debevoise & Plimpton and Travers Smith will serve as advisors for the deal.
Ascot Underwriting is American International Group’s (AIG’S) Lloyd’s of London platform. AIG has sold its 20% stake in Ascot Underwriting and fully owned funding subsidiary Ascot Corporate Name to CPPIB as part of the deal.
Debevoise is CPPIB’s advisor. The team is composed of New York corporate partners Alexander Cochran and Nicholas Potter; London corporate partners David Innes and James Scoville as well as tax partner Richard Ward.
AIG’s advisor in the deal is Freshfields. The team is led by City corporate partner George Swan and London tax partner Helen Buchanan.
Ascot Underwriting’s management team will be advised by Travers Smith. The London-based team comprises senior partner Chris Hale and tax partner Kathleen Russ.
Following the purchase, Ascot will continue to operate as a standalone, independent business governed by its own board of directors. Its entire senior management team, led by Andrew Brooks, will also be retained.
North American pension fund buys AIG Lloyds insurer
Morning Briefing: AIG could be about to sell Lloyd’s of London business