CPPIB the preferred bidder for $900mn Ascot

The Canada Pension Plan Investment Board (CPPIB) is in advanced
talks to acquire Lloyd's (re)insurer Ascot in a cash deal with
an enterprise value in excess of $900mn, The Insurance
Insider understands.
Sources said that the outlines of a deal are in place that would
value the top-tier Lloyd's business at around 1.5x-1.6x book,
including the cost of recapitalising Syndicate 1414, which is
entirely backed by AIG's capital.
Other credible bidders remain in the background, but CEO Andrew
Brooks and