Travelers to Sell Canadian Insurance Business for $2.4 Billion
Travelers Cos. Inc., founded in Hartford and the largest surety writer in North America, has agreed to sell its Canadian personal insurance business and most of its Canadian commercial insurance business to Definity Financial Corp. for approximately $2.4 billion. The transaction, expected to close in early 2026 pending regulatory approvals, was announced by the company on Tuesday.
The decision comes after Travelers reported a $1.7 billion loss from the Los Angeles wildfires in the first quarter of 2025, despite maintaining overall profitability. In 2024, the company generated revenues exceeding $46 billion. Travelers, which has headquarters in New York City and offices in St. Paul, Minnesota, was ranked sixth in 2023 for property and casualty insurance programs in California and the United States, according to studies by the California Department of Insurance and the National Association of Insurance Commissioners.
The sale reflects a strategic move by Travelers to adjust its business portfolio. The company remains a significant player in the insurance market, with a history dating back to its founding in Hartford.
