Ontario Teachers’ agrees to sell specialty insurer ANV
TORONTO - Ontario Teachers' Pension Plan (Ontario Teachers') today announced an agreement to sell its ownership of ANV Holdings BV (ANV) to AmTrust Financial Services Inc.(AmTrust), a Nasdaq-listed multinational insurance holding company headquartered in New York City.
The sale, for US$218.7 million in cash, is expected to close by the end of 2016, subject to customary approvals. In addition, AmTrust will support ANV's Funds at Lloyd's, including replacing of Ontario Teachers' participation.
Acquired by Ontario Teachers' in 2012, ANV provides underwriting for specialty risk solutions and functions as a risk-bearing insurer through three Lloyd's syndicates and as a managing general underwriter in Europe and the United States.
"We are pleased the sale to AmTrust advances ANV's strategic objective of becoming a global specialty insurance leader," said Wayne Kozun, Senior Vice-President, Public Equities. "We would also like to recognise and thank acting CEO Lynsey Cross for her significant commitment and contributions to the success of ANV."
About Ontario Teachers'
The Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's largest single-profession pension plan, with $171.4 billion in net assets at December 31, 2015. It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has earned an annualized rate of return of 10.3% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 316,000 active members and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.