The Travelers Companies, a US-based P&C insurer has acquired The Dominion of Canada General Insurance Company from E-L Financial, to boost its business operations.
The cash transaction was valued at nearly $1.1bn, subject to adjustment, when it was inked in June this year.
Following the merger of Travelers' Canadian operations, the integrated entity will operate as Travelers Canada and remain headquartered in Toronto. It will continue to provide an array of insurance products to customers and brokers.
Travelers financial, professional & international insurance business segment vice chairman and head Alan Schnitzer said that the combination of Travelers Canada and The Dominion is an exciting development.
"It creates an exceptional platform for strengthening our presence in Canada and expanding our relationships with customers and brokers."
"The combined business will benefit from Travelers' sophistication in the use of data and analytics as well as claim and risk control capabilities," Schnitzer added.
As per the terms of the original agreement, current Dominion president and CEO Brigid Murphy will continue in his roles at the united company, while Travelers Canada president and CEO George Petropoulos will assume the post of vice chairman at the new organization.
Skadden, Arps, Slate, Meagher & Flom and Gowling Lafleur Henderson acted as legal advisors to Travelers.
