GERLING SELLS OFF CANADIAN P/C UNIT

Canadian equity firm Torquest Partners, along with Newport Partners and CIBC Capital Partners (a unit of Canadian Imperial Bank of Commerce), have acquired Gerling Canada Insurance from Germany’s Gerling group. Terms of the deal were not disclosed. Gerling Canada has been the Gerling group’s principal p/c subsidiary in Canada, and wrote C$206m in gross premiums last year. It is to be renamed GCAN Insurance. Gerling Canada senior management also participated in the buyout, and will retain their current roles.