Definity Financial has concluded its acquisition of the personal insurance and most of the commercial insurance operations of the Travelers Companies in Canada for nearly C$3.3bn in cash.
The transaction, agreed in May, excludes the surety segment.
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At the time of the deal’s announcement, Definity said the acquisition makes it one of Canada’s top five property and casualty (P&C) insurers, with combined annual premiums of around C$6bn.
Definity CEO and president Rowan Saunders said: “Today marks a new era for Definity as we complete this milestone acquisition.
“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.”
RBC Capital Markets provided financial advice to Definity on the transaction, while legal counsel was supplied by Blake, Cassels & Graydon.
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By GlobalDataTravelers plans to allocate approximately $700m from the proceeds for share buybacks in 2026.
The remaining funds are intended to support ongoing business activities and general corporate needs.
The company expects these actions to be “slightly” accretive to its earnings per share from 2026 onwards.
Jefferies and Przygoda & Co. served as financial advisors to Travelers in this transaction, while legal counsel was provided by Skadden, Arps, Slate, Meagher & Flom and Stikeman Elliott.
For the 12 months ending 30 September 2025, Definity reported gross written premiums exceeding $4.7bn, while equity attributable to common shareholders stood at more than $4bn.
