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Teachers’ acquires majority stake in U.S. insurance brokerage holding company

February 07, 2012

TORONTO - Ontario Teachers' Pension Plan (Teachers'), through its private investment department, Teachers' Private Capital (TPC), today announced that it has entered into a definitive agreement for the acquisition of a majority interest in BroadStreet Capital Partners (BroadStreet), a U.S. holding company that makes majority interest investments in high-performing independent insurance agencies.

Together with Century Capital Partners (Century), Teachers' will acquire approximately 84 percent of BroadStreet from State Automobile Mutual Insurance Company (State Auto).  The remaining share of the company will be retained by State Auto and BroadStreet CEO Rick Miley. In addition to their initial equity investment, Teachers' and Century have committed to provide follow-on capital to support future investments by BroadStreet in the United States. Terms of the transaction are not being disclosed.

Based in Columbus, Ohio, BroadStreet is focused on the middle-market retail insurance brokerage industry in both commercial and personal P&C insurance. With its partner agencies, BroadStreet ranks among the top insurance agencies in the U.S., with annual revenue in excess of $100 million.

"BroadStreet has developed an attractive business model and a proven ability to create value in a highly fragmented market," said Jane Rowe, Senior Vice-President, TPC. "With our partners Century, we look forward to supporting BroadStreet's strong leadership team as it continues to pursue attractive growth opportunities."

"In BroadStreet we are pleased to be able to back a management team of the highest calibre in a sector we believe has enormous growth potential," said Davis Fulkerson, Managing Partner at Century Capital.

"We are very pleased to have the support of investors of the quality of Teachers' and Century, as well as the on-going support of our founding partner State Auto," said BroadStreet CEO Rick Miley.  "We look forward to working together to continue BroadStreet's track record of successful growth."

About Teachers'

With $107.5 billion in assets as of December 31, 2010, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets globally and administers the pensions of 295,000 active and retired teachers in Ontario. For more information visit www.otpp.com.

About Century

Century Capital Partners, the private equity group of Century Capital Management, LLC, provides buyout capital and growth equity to privately-held, lower middle market financial services, insurance and healthcare services companies. The firm pursues both control and minority investments in rapidly growing, profitable businesses led by management teams that are leaders in their respective industries

Contact:

Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
(416) 730-5347
deborah_allan@otpp.com

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