TORONTO, March 21 The Canada Pension Plan
Investment Board (CPPIB) said on Friday it agreed to buy U.S.
life insurance and reinsurance provider Wilton Re Holdings Ltd
for $1.8 billion from a group of private equity firms, the first
foray by the global dealmaker into the U.S. insurance business.
CPPIB said it would acquire the common stock of Wilton, a
leading acquirer of closed blocks of life insurance policies,
from a group of private equity firms led by Stone Point Capital,
Kelso & Co, Vestar Capital partners and FFL. Reinsurers help
insurers spread risk in exchange for part of the profit.
CPPIB manages Canada's national pension fund.
(Reporting by Allison Martell; Editing by Jeffrey Benkoe)