C$266 billion pension fund exits Diot-Siaci investment after four-year value creation campaign delivers 50% revenue growth
Ontario Teachers’ Pension Plan Board has crystallized gains on its 2021 investment in French insurance brokerage Diot-Siaci, agreeing to sell its stake to Paris-based private equity firm Ardian in a transaction that showcases the Canadian pension giant’s sector expertise and operational value-add capabilities.
The exit caps a successful four-year partnership that transformed two mid-sized French brokers into a billion-euro European insurance services leader. Since Ontario Teachers’ backed the merger of Diot and Siaci Saint Honoré in 2021, the combined entity has expanded revenues from approximately €700 million to over €1 billion—a 43% compound annual growth rate that reflects both organic expansion and strategic acquisitions.
“This is another great example of our partnership with management teams in our financial and insurance services portfolio,” said Inaki Echave, Head of EMEA Private Capital at Ontario Teachers’. The pension fund’s hands-on approach extended well beyond capital provision, with the institution actively supporting merger integration, international expansion, and vertical integration initiatives that repositioned Diot-Siaci as a full-service insurance platform.
The value creation playbook followed Ontario Teachers’ established financial services investment strategy: identify fragmented markets ripe for consolidation, back strong management teams, and leverage operational expertise to accelerate growth. Key initiatives included geographic expansion into the Middle East and Africa, strategic moves up the value chain through the transformative Nasco reinsurance acquisition, and diversification into adjacent services such as HR consulting.
This operational involvement reflects the evolving role of sophisticated institutional investors like Ontario Teachers’, which increasingly compete on sectoral expertise rather than just capital availability. The pension fund’s C$13 billion Financial Services & Insurance portfolio spans 15 global investments, with Ontario Teachers’ leading or co-leading 13 transactions—a track record that provides credibility with management teams and deal flow advantages in competitive processes.
The Ardian acquisition, subject to regulatory approvals and expected to close later this year, arrives as European insurance brokerage consolidation accelerates. Independent brokers face mounting pressure from regulatory complexity, technology requirements, and client demands for integrated services—dynamics that favor scaled platforms like Diot-Siaci over smaller, single-geography players.
For Ontario Teachers’, the exit timing appears well-calibrated. The pension fund has successfully repositioned Diot-Siaci from a domestic French broker into a continental European leader with meaningful presence across Africa and the Middle East. The company’s 7,000+ employees and diversified revenue streams spanning corporate insurance, reinsurance, captive management, and HR consulting provide the scale and stability that institutional buyers like Ardian seek in today’s market.
The transaction also underscores the continued appeal of insurance services investments for patient capital providers. Unlike traditional insurance carriers that face regulatory capital requirements and underwriting volatility, brokers generate steady fee-based revenues with attractive recurring characteristics—particularly valuable for pension funds seeking predictable cash flows to match long-term liabilities.
While financial terms remain undisclosed, the revenue growth trajectory and strategic positioning improvements suggest Ontario Teachers’ achieved its target returns on the investment. The exit provides fresh capital for redeployment as the pension fund continues building its European private equity presence and financial services sector concentration.
For Ardian, the acquisition adds a scaled insurance platform to its European portfolio, providing a foundation for further consolidation plays across fragmented national markets. The French private equity firm inherits a business with established international footprint and proven M&A capabilities—attributes that should facilitate continued expansion under new ownership.
