Travelers to Sell Canadian Insurance Business for $2.4 Billion
Travelers Cos. Inc., founded in Hartford and a major player in North America’s insurance market, has announced plans to sell its Canadian personal insurance business and most of its Canadian commercial insurance business to Definity Financial Corp. for roughly $2.4 billion. The transaction, expected to close in early 2026 pending regulatory approvals, was disclosed by the company on Tuesday.
The decision comes after Travelers reported a significant loss of $1.7 billion due to the Los Angeles wildfires in the first quarter of 2025. Despite this setback, the company managed to maintain profitability and generated over $46 billion in revenue in 2024. Travelers, which is headquartered in New York City with offices in St. Paul, Minnesota, was ranked sixth in property and casualty insurance programs in both California and the United States in 2023, according to studies by the California Department of Insurance and the National Association of Insurance Commissioners.
The sale of its Canadian businesses marks a significant strategic move for Travelers as it continues to navigate the complex insurance landscape. The company’s leadership and financial performance will be closely watched by industry analysts as the transaction progresses toward completion in early 2026.
