Lloyd’s insurer Ascot Underwriting provides insurance for marine hulls and cargo

Lloyds building

AIG is in talks to sell its stake in Lloyd’s insurer Ascot Underwriting to pension fund firm Canada Pension Plan Investment Board (CPPIB).

The talks are part of the New York insurer’s efforts to improve its results by narrowing its focus and returning more than $25bn to shareholders, the Wall Street Journal reports.

The move by CPPIB would mark the Canadian fund’s latest move to establish itself as a significant player in the global insurance industry.

The two companies have declined to comment.

Ascot provides insurance for marine hulls and cargo, and fine art; and protects against shipping liabilities, political risks, and terrorism.

It also has operations in Asia and Houston.

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