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 operations 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.
This move comes after Travelers reported a significant loss of $1.7 billion due to 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 is headquartered in New York City with significant operations in Hartford and 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 decision to divest its Canadian businesses aligns with the company’s strategic review of its operations. The sale price of $2.4 billion reflects the significant scale of Travelers’ Canadian insurance operations, though the company will continue to maintain a presence in the Canadian market through its remaining business segments not included in the sale.
