6 December 2018 11:30
Photo : Freepik
SSQ Insurance has been awarded funding in the form of a loan of 150 million us dollars (M$) of the share of the Caisse de dépôt et placement du Québec. The transaction will allow SSQ to “optimize its capital structure and to pursue the implementation of its strategic plan,” says the Fund by way of a press release. The loan also aims to continue the digital transformation of the insurer.
“This transaction is part of a process of optimization of the capital that we have undertaken recently. We are grateful to the Caisse de dépôt et placement du Québec of the trust she testifies. We work in partnership for several years and this announcement demonstrates our common interest to continue this business relationship works for both of our organizations, ” says Patrick Cyr, the first vice-president, finances at SSQ Insurance.
“The Caisse is pleased to reiterate its confidence in a long-term partner and to support again the growth plan for SSQ Insurance, one of the jewels of québec’s financial sector,” says Marc Cormier, executive vice-president, fixed income at the Caisse. The insurance industry has a horizon yields a stable long-term, which fits in perfectly with the investment objectives of the Fund. “
The Fund had already made investments in SSQ, the first time in 2000. The institutional investor has also invested in BFL Canada in acquiring shares in June and has funded The Capital insurance and financial services to the tune of$ 150 Million in December 2017.