TORONTO
,
Jan. 5
/PRNewswire/ - A private investor group, in which Ontario Teachers' Pension Plan ("Teachers'") is the lead sponsor, has entered into a definitive agreement to acquire American International Group, Inc.'s ("AIG") Canadian mortgage insurance business, AIG United Guaranty Mortgage Insurance Company Canada ("United Guaranty Canada"). Terms of the transaction were not disclosed.
"We believe the mortgage insurance industry in
Canada
to be an attractive market, and that United Guaranty Canada is well positioned to grow its market position," said
Erol Uzumeri
, Senior Vice-President, Teachers' Private Capital. "The company has a strong management team, and Teachers' is prepared to support the growth of the business."
United Guaranty Canada, headquartered in
Toronto
, is the second largest private mortgage insurance provider in
Canada
with assets of
C$274 million
and total equity of
C$127 million
as of
September 30, 2009
.
The transaction is subject to the fulfillment of customary closing conditions and receipt of regulatory approval.
About Teachers' Private Capital
Teachers' Private Capital is one of the world's largest private equity investors. It is the private investment department of the Ontario Teachers' Pension Plan, the largest single-profession pension plan in
Canada
. The Ontario Teachers' Pension Plan is an independent corporation responsible for investing the fund and administering the pensions of
Ontario's
284,000 active and retired teachers. For more information visit www.otpp.com.
SOURCE Ontario Teachers' Pension Plan
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