MONTREAL, June 12, 2012 /CNW Telbec/ - The Caisse de dépôt et placement
du Québec announced today that it increased its investment in SSQ, Life
Insurance Company Inc. ("SSQ"). The value of a $30-million loan, in the
form of a subordinated debenture, was increased by $20 million, to
total $50 million. Additionally, this debenture's December 18, 2016
maturity was extended to December 18, 2022, for a 10-year term.
"We are pleased to reaffirm our trust in a long-standing partner that
has distinguished itself through steady growth of its operations and
profitability," pointed out Normand Provost, Executive Vice-President,
Private Equity. "Our increased investment in this Québec company that
has become an insurance and financial services leader in Canada will
result in stable, long-term returns for our clients, the depositors."
"The Caisse de dépôt et placement du Québec's investment will enable us
to continue to grow and deliver on our strategic priorities: SSQ
Financial Group will therefore be able to strengthen its position as a
major player in the Canadian insurance and financial services arena,"
said René Hamel, Chief Executive Officer of SSQ Financial Group.
We recall that in fall 2011, SSQ Financial Group had announced the
acquisition of AXA Life Insurance to strengthen its position in the
The $20-million increase in the loan granted by the Caisse brings the
total amount of its investments in SSQ Financial Group to $65 million,
including a second debenture of $15 million granted in 2004.
ABOUT SSQ FINANCIAL GROUP
With nearly $3 billion in annual revenue and nearly $10 billion in
assets under management, SSQ Financial Group is a leading mutual
diversified financial institution. The Group serves over 1 million
customers and provides jobs to over 1,900 employees. SSQ, Life
Insurance Company Inc., the Group's principal company, is recognized as
a leader in the group insurance industry and as an expert in the
investment and retirement sector. SSQ Financial Group is also a rising
star in home and auto insurance under the SSQ General Insurance Company
Inc. banner and has recently expanded into the individual insurance
market thanks to its new subsidiary, SSQ Insurance Company Inc. For
more information, please visit ssq.ca.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. As at December 31, 2011, it held $159.0 billion in net
assets. As one of Canada's leading institutional fund managers, the
Caisse invests in major financial markets, private equity and real
estate. For more information: www.lacaisse.com.
SOURCE CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
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