SSQ receives $150 million loan from CDPQBy The IJ Staff | December 06 2018 11:30AM
The Caisse de dépôt et placement du Québec (CDPQ) announced today a transaction of up to $150 million in the form of a loan to SSQ Insurance. The insurer will use the financing to optimize its capital structure and pursue its strategic plan, including Canada-wide development and a focus on innovation. This includes the company’s ongoing digital transformation.
"This transaction is an element of the capital optimization approach we have recently taken. We appreciate the trust CDPQ is putting in us. We have been partners for several years, and this announcement demonstrates our shared interest in continuing a business relationship that is beneficial to both of our organizations," said Patrick Cyr, Senior Vice-President of Finance at SSQ Insurance.
Stable returns over a long-term horizon
"CDPQ is pleased to reaffirm its trust in a long-standing partner and again support the growth plan of SSQ Insurance, one of the Québec financial sector's flagships," added Marc Cormier, Executive Vice-President, Fixed Income at CDPQ. "The insurance industry provides stable returns over a long-term horizon, which is in keeping with CDPQ's investment objectives."