Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan, has completed the purchase of GCAN Insurance Co, a Canadian P&C insurer, from TORQUEST PARTNERS Inc., Newport Capital Insurance LP, an CIBC Capital Partners.

GCAN, established in 1955 by the Gerling Insurance Group, is a leading Canadian industrial and commercial insurer operating through a network of independent brokers. The company maintains an experienced team of insurance and engineering specialists that provide risk, claims and underwriting management expertise to such diverse industry segments as construction, oil and gas, energy, mining, forestry, manufacturing and the service industries. In 2004, GCAN earned $19 million on gross premiums written of $221 million. GCAN employs over 100 people in Toronto, Montreal, Calgary and Vancouver.

“We look forward to strengthening long-lasting relationships with our existing network of brokers and their clients,” said David Huebel, president and CEO, in a release. “and we will continue to work closely with our important Canadian and International reinsurance partners.”

“GCAN represents an exciting new opportunity for Teachers’ to invest in the insurance sector by supporting an excellent management team with an impressive track record and reputation,” said Jim Leech, Ontario Teachers’ Senior Vice-President. “We chose GCAN because it is a market leader in Canadian commercial and industrial insurance with a conservative operating philosophy and a commitment to sound underwriting practices.”