The Travelers Companies said it signed a definitive agreement on May 27, 2025 to sell its Canadian personal insurance business and most of its Canadian commercial insurance business to Definity Financial Corporation for about US$2.4 billion. The company said it will retain its Canadian surety business.

1. 01

   The Travelers Companies said it signed a definitive agreement on May 27, 2025 to sell its Canadian personal insurance business and most of its Canadian commercial insurance business to Definity Financial Corporation for about US$2.4 billion. The company said it will retain its Canadian surety business.

2. 02

   The company said the purchase price represents a multiple of 1.8 times book value. It said the multiple is adjusted for about US$0.8 billion of excess local capital that is being repatriated in a tax-efficient manner as part of the transaction.

3. 03

   Travelers said it expects to use about US$0.7 billion of the net cash proceeds from the transaction for additional share repurchases in 2026. It said it will retain the remainder for ongoing operations and general corporate purposes.

4. 04

   The company said it expects the transaction to close in Q1 2026, subject to regulatory approvals and other customary closing conditions. It added that the transaction may not occur.

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Original filing

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