Ascot sold to CPPIB in $1.1bn deal

Lloyd's carrier Ascot has agreed a $1.1bn sale to its preferred
bidder the Canada Pension Plan Investment Board (CPPIB), the
parties announced today.
The deal consideration includes capital that will be provided to
meet Ascot Syndicate 1414's Funds at Lloyd's (FAL)
requirements.
AIG, which owned 20 percent of the Ascot managing agency Ascot
Underwriting Holdings and provided all the syndicate's capital
requirements, will receive about $240mn in net cash proceeds from
the transaction.
This figure