Definity Financial Corp., the Canadian property/casualty insurer, announced the completion of its previously announced acquisition of the personal insurance business and the majority of the Canadian businesses of The Travelers Cos.
The deal, which was first announced in May 2025, is valued at $2.4 billion and includes Travelers’ Canadian personal insurance business and majority of its commercial insurance operations. Travelers, which is the largest surety writer in North America, has retained its Canadian surety business.
“Today marks a new era for Definity as we complete this milestone acquisition,” said Rowan Saunders, president & CEO, Definity, which is based in Waterloo, Ontario.
Travelers expects to use approximately US$700 million of the net cash proceeds of the transaction for additional share repurchases in 2026, while retaining the remainder to support ongoing operations and for general corporate purposes. The transaction and resulting share repurchases are expected to be slightly accretive to the company’s earnings per share in 2026 andeach ofthe next several years.
RBC Capital Markets acted as financial adviser and Blake, Cassels & Graydon LLP served as legal advisor to Definity in the transaction.
Jefferies LLC and Przygoda & Co. LLC acted as financial advisers for Travelers, while Skadden, Arps, Slate, Meagher & Flom LLP and Stikeman Elliott LLP served as its legal advisers.
Source: Definity Financial Corp.
Topics Mergers & Acquisitions Canada
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