Ontario Teachers’ Pension Plan is unloading GCAN Insurance, a commercial property and casualty insurer, by selling it to RSA Canada.

Teachers’ is asking for $420 million and closing of the deal is expected in January, subject to customary approvals.

“The company is now positioned to move to the next level with the support of a strong international insurance company,” says Neil Petroff, Teachers’ executive vice-president and chief investment officer of GCAN. “Our financial services group has had an impressive level of deal activity this year and we will continue to pursue opportunities in the sector.”