The New York and London offices of Debevoise & Plimpton LLP have advised Canada Pension Plan Investment Board (“CPPIB”) in its agreement to acquire, together with the management of Ascot, 100% of Ascot, American International Group’s (“AIG”) Lloyd’s platform, for a total consideration of $1.1 billion.

The transaction involves the acquisition of Ascot Underwriting Ltd. (Ascot) and Ascot Corporate Name Ltd., as a capital provider for Syndicate 1414 at Lloyd’s, and is subject to customary regulatory approvals and closing conditions.

Based in London, England, Ascot is a Lloyd’s of London syndicate and a global specialty insurance underwriter.

Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 19 million contributors and beneficiaries.

AIG is a leading global insurance organization. Founded in 1919, today it provides a wide range of property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services to customers in more than 100 countries and jurisdictions.

The Debevoise team advising CPPIB is led by New York partners Alexander R. Cochran and Nicholas F. Potter, and London partners David Innes and James C. Scoville. The team also includes London partner Alan J. Davies, New York counsel Charles Wachsstock, London international counsel Timothy McIver, New York associates Dexter Hoffman, Rebecca J. Sayles and Michael G. Stern, and London associates Christopher Garrett, Julia Keppe, Benjamin Lyon, Sayo Ogundele, Chris Salz and Gregg Young. Tax advice was provided by London partner Richard Ward and London associate Ceinwen Rees.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.