October 3, 2005 by Canadian Underwriter
Teachers’ Private Capital the private investment arm of the Ontario Teachers’ Pension Plan will purchase Canadian p&c insurer GCAN Insurance Company for an undisclosed amount from Torquest Partners Inc., Newport Capital Insurance LP, CIBC Capital Partners, a division of Canadian Imperial Bank of Commerce and management.
The transaction is expected to close in early October and is subject to satisfaction of certain closing conditions.
“GCAN represents an exciting new opportunity for Teachers’ to invest in the insurance sector by supporting an excellent management team with an impressive track record and reputation,” Jim Leech, Ontario Teachers’ senior vice-president, says. “We chose GCAN because it is a market leader in Canadian commercial and industrial insurance with a conservative operating philosophy and a commitment to sound underwriting practices.”
“Under our new ownership, it will be business as usual,” Andy Henke, president and CEO of GCAN, says. “There will be no change in the relationship with our existing network of independent brokers and their clients. We will continue to work closely with the Canadian and international reinsurance markets.”
Henke also announced that after his retirement from GCAN in a few weeks, David Huebel will take over president and CEO. Huebel, currently chief operating officer, is an 18 year veteran of GCAN.