Canada Reports 20-Year High in Overseas Investment in Insurance M&A
Canadian firms’ overseas investment in insurers hit a 20-year high this year boosted by Intact Financial’s joint agreement last month to buy British insurance group RSA for 7.2 billion pounds ($9.6 billion) and market participants expect more deals in 2021.
The RSA deal is one of the largest examples of insurers pulling in buyers this year, as a sharp rise in premiums has outweighed hefty coronavirus pandemic claims.
International deals in insurers involving Canadian investors rose to $11.6 billion in 2020, the highest in at least two decades, according to data from Refinitiv.
CPPIB acquires Trafford Centre mall in Britain after owner fails to find buyer
by The Canadian Press
Last Updated Dec 16, 2020 at 8:14 am EDT
TORONTO Canada Pension Plan Investment Board has acquired the Trafford Centre in Britain after the shopping mall’s owner failed to find a buyer.
CPPIB Credit provided a 250-million-pound loan in 2017 that was secured by an equity interest in the Trafford Centre.
The mall was placed under protection from creditors earlier this year.
Intu Properties, the mall’s owner, put the Manchester mall up for sale after it was placed into administration in June, but no viable bids were made for the property.
CPPIB s Machin says inflation could rise in rebound
Paula Sambo, Bloomberg News Mark Machin, president and chief executive officer of the Canada Pension Plan Investment Board, poses for a photograph following a Bloomberg Television interview ahead of the World Economic Forum (WEF) in Davos, Switzerland, on Monday, Jan. 20, 2020. , Bloomberg
Canadaâs largest pension fund says policy measures across the globe to address the COVID-19 pandemic could fuel inflation after years of under-inflation while also spurring a rebound in employment and business investment.
âWeâre keeping an eye on this because central banks have adjusted frameworks,â Mark Machin, chief executive officer of Canada Pension Plan Investment Board, said in an interview Tuesday. âThere is also the risk of a wall of money in savings accounts US$13 trillion in U.S. banks alone moving, and that transfer can cause inflation.â
$286M Of SolarWinds Stock Sold Before CEO, Hack Disclosures
Silver Lake and Thoma Bravo said they weren’t aware of the cyberattack at the time of the sale, but didn’t respond to questions about whether they knew Sudhakar Ramakrishna had been selected as SolarWinds’ next CEO. By Michael Novinson December 16, 2020, 12:45 PM EST
SolarWinds majority owners Silver Lake and Thoma Bravo sold $286 million of stock just before the company announced a new CEO and disclosed a cyberattack.
The private equity firms disposed of more than 13 million SolarWinds stock shares at $21.97 per share on Dec. 7, two days before the IT infrastructure management firm announced Pulse Secure’s Sudhakar Ramakrishna as its next CEO. Four days after that, SolarWinds disclosed that it had experienced a highly sophisticated, manual supply chain attack on certain versions of its Orion network monitoring product.