The Caisse de depot et placement du Quebec announced that it increased its investment in SSQ, Life Insurance Company Inc.
According to a release, 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 Quebec 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 depot et placement du Quebec'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 Rene Hamel, Chief Executive Officer of SSQ Financial Group.
The company said that 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.
SSQ Financial Group is a mutual diversified financial institution.
The Caisse de depot et placement du Quebec is a financial institution that manages funds primarily for public and private pension and insurance plans.
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