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Insurance Breaking News | Home & Auto Insurance

SSQ Insurance coverage receives multi-million financing from CDPQ

SSQ Insurance coverage receives multi-million financing from CDPQ


SSQ Insurance coverage in Quebec has acquired financing of as much as $150 million, within the type of a mortgage, from Caisse de dépôt et placement du Québec (CDPQ).

With the funding, SSQ Insurance coverage will “optimize its capital construction” and transfer ahead with its strategic plan, which incorporates creating improvements in-company and developments all through Canada, a launch stated.

A part of the insurer’s strategic plan additionally includes its digital transformation, to raised meet the altering wants of its shoppers.

CDPQ started investing in SSQ Insurance coverage way back to early 2000.

“This transaction is a component of the capital optimization strategy we now have lately taken. We respect the belief CDPQ is placing in us. We have now been companions for a number of years, and this announcement demonstrates our shared curiosity in persevering with a enterprise relationship that’s useful to each of our organizations,” remarked SSQ Insurance coverage senior vice-president of finance Patrick Cyr.

“CDPQ is happy to reaffirm its belief in a long-standing companion and once more help the expansion plan of SSQ Insurance coverage, one of many Québec monetary sector’s flagships,” stated CDPQ government vice-president of fastened revenue Marc Cormier. “The insurance coverage business supplies secure returns over a long-term horizon, which is in line with CDPQ’s funding goals.”

As of June 30, 2018, CDPQ held $308.three billion in internet belongings.

 

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