AIG sells Ascot stake to Canadian pension firm
Insurance giant AIG has sold its 20% stake in Ascot Underwriting and fully-owned subsidiary Ascot Corporate Name to the Canada Pension Plan Investment Board for $1.1bn (£840m).
The total includes a recapitalisation of Syndicate 1414's funds at Lloyd's and $240m of cash to AIG. Established in 2001 Ascot takes on specialised risks in energy, shipping and fine art.
AIG will
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