Travelers Canada Business Acquired by Definity for $2.4 Billion
The Travelers Companies has announced a definitive agreement to sell its personal insurance business and majority of its commercial insurance business in Canada to Definity Financial Corporation for $2.4 billion. The transaction, expected to close in early 2026 subject to regulatory approvals, marks a significant shift in the Canadian insurance landscape.
Alan Schnitzer, chairman and CEO of Travelers, commented on the deal, stating, “The evolution of the Canadian market over the past decade has made Definity a natural long-term owner for this business.” Schnitzer expressed confidence that Canadian customers, brokers, and colleagues would benefit from being part of one of the country’s leading property casualty insurers.
The acquisition aligns with Definity’s position as a major player in the Canadian insurance market. Jefferies served as financial advisor to Travelers, while Skadden, Arps, Slate, Meagher & Flom and Stikeman Elliot acted as legal advisors.
This significant transaction in the insurance sector comes as other industry players are also making strategic moves. Other recent developments include:
- Nearmap’s acquisition of itel, a provider of property claims solutions, expected to be completed in Q2 2025.
- Cytora’s partnership with Aisix Solutions to integrate wildfire data into its platform for commercial insurers.
- Aon and Moody’s Insurance Solutions expanding their collaboration into commercial risk, offering insights on climate casualty and emerging risks.
These industry developments highlight the ongoing evolution in the insurance and reinsurance sectors, with a focus on technology integration and risk management.
