Toronto, Ontario -- Definity Financial Corporation has completed the purchase of the Canadian personal insurance business and most of the commercial insurance business of The Travelers Companies, Inc. The deal closed January 2 and excludes Travelers’ surety business, which it will continue to operate.
“Today marks a new era for Definity as we complete this milestone acquisition,” Rowan Saunders, president and chief executive officer of Definity, said in a statement. “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.”
Definity is a major Canadian property and casualty insurer that sells a range of insurance products including auto, home and business coverage through its family of companies such as Economical, Sonnet, Family and Petline. The addition of Travelers’ Canadian operations will boost Definity’s scale and distribution network across the country.
Travelers Canada, before the sale, offered personal insurance products including car insurance for everyday drivers and specialty vehicles like motorcycles and motor homes, and commercial lines for businesses. Auto insurance sold under Travelers Canada policies will now be underwritten within the Definity group, and customers have been told their coverage will continue without disruption.
RBC Capital Markets advised Definity on the transaction and Blake, Cassels and Graydon LLP served as legal counsel. The expanded business will increase Definity’s annual premiums and its overall presence in personal auto, home and commercial insurance markets across Canada.
