Definity completes acquisition of Travelers units

Executive Summary

• Definity Financial Corp. completed its previously announced acquisition of The Travelers Companies’ Canadian personal insurance business and the majority of its commercial insurance business (excluding surety).
• The transaction creates a larger, integrated insurer positioned as a “Canadian champion” in property and casualty lines.
• RBC Capital Markets served as financial adviser; Blake, Cassels & Graydon LLP acted as legal counsel.

Key Details

• Acquired assets: Personal insurance business and majority of commercial insurance business of Travelers’ Canadian operations (surety business excluded).
• Seller: The Travelers Companies Inc. (NYSE: TRV).
• Transaction status: Completed; previously announced.
• Strategic rationale: Expand Definity’s market share in Canada, broaden product offerings, and strengthen broker relationships.
• Advisors: RBC Capital Markets – financial adviser; Blake, Cassels & Graydon LLP – legal adviser.
• Financial terms: Not disclosed in the release.

Notable Quotes

“Today marks a new era for Definity as we complete this milestone acquisition,” said Rowan Saunders, president and chief executive officer, Definity. “We extend a warm welcome to our new colleagues and remain deeply committed to delivering a positive experience for our customers and valued broker partners. Together, we will continue building a Canadian champion.”