Wilton Re

active

Insurance / Reinsurance — CPPIB (acquirer) / Stone Point / Kelso / Vestar (former)

Deal Terms

Entry Year2014

Entry EV$1.8B

Entry Multiple5x

Leverage3x

Debt Amount$0.54B

Risk Metrics

LTV (est.)30%

Debt / EV0.30x

Notes

PE consortium (Stone Point, Kelso, Vestar) built Wilton Re since 2005. $8.2B total assets, $1.2B revenue. CPPIB acquired 100% for $1.8B (2014) — largest direct PE deal for the Canadian pension. Acquires closed blocks of US life insurance. PE pioneered the 'closed block' acquisition model: buy run-off insurance portfolios, invest reserves more aggressively.

Sponsor

CPP Investments$632B AUM