Constellation Insurance, a new life insurance platform founded by former Prosperity Life Insurance Group CEO Anurag Chandra, has raised $500m in start-up capital from two Canadian investors.

The company raised the capital by from Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan (OTPP).

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Chandra said: “Constellation plans to invest in stock and mutual insurers based in North America that are seeking growth capital, stronger ratings, scale efficiencies and equity incentives while maintaining their independent management structure, brand identity, operations and entrepreneurial culture.

“Constellation’s target market and value proposition are differentiated versus other insurance platforms that focus on either asset accumulation, legacy block reinsurance or have shorter term investment horizons, which incentivise substantial expense reductions and limit investments in organic new business growth.”

The Constellation Insurance platform offers P&C, life insurer acquisitions and demutualisations.

Ontario Teachers Equities executive managing director Jane Rowe said: “We are delighted to partner alongside CDPQ with Anurag Chandra, who has a distinctive and successful track record in the insurance sector including acquisitions, demutualisations, turnarounds and rehabilitations.

“As CEO of Prosperity, he built an attractive, high growth insurance platform that generated exceptional investor returns and favourable outcomes for all key stakeholders.

“We expect this partnership with Constellation and CDPQ to create significant value for our stakeholders.”