Ontario Teachers' Purchases GCAN Insurance Company

On October 7, 2005, Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan Board, completed the purchase of GCAN Insurance Co., a Canadian property and casualty insurer, from Torquest Partners Inc., Newport Capital Insurance L.P., CIBC Capital Partners, a division of Canadian Imperial Bank of Commerce and management, for an undisclosed amount.

The deal represents Teachers' entry into the insurance sector. GCAN is a market leader in Canadian commercial and industrial insurance.

Teachers' was advised by Michael Padfield, senior legal counsel, investments, and Jeff Davis, legal counsel, investments, together with external counsel McCarthy Tétrault LLP. The McCarthy Tétrault team was led by Robert Forbes and Nancy Carroll, and included James Archer, Sean Sorensen, France Tenaille, Domenic Di Sisto and Amrit Sidhu (corporate, insurance, finance), Jillian Welch (tax), Glen MacArthur (competition), Robb Macpherson (employment), Alfred Macchione (IP) and Greg Winfield (pensions).

CIBC Capital was advised by Mark Katz, counsel. Torquest, Newport Capital, CIBC Capital, GCAN and management were advised by a team from external counsel Stikeman Elliott LLP that was led by Rod Barrett and Stuart Carruthers, and included Wendy Yu and Nevinne Hassan (corporate and insurance), Andrea Boctor (pensions and benefits) and Debbie Salzberger (competition). GCAN was also advised by Frank Shostack (corporate) of Black Sutherland LLP. Management was also advised by John Papadakis (corporate) and Mark Geiger (employment) of Blaney McMurtry LLP.


Mark F. Katz