The Travelers Companies, Inc., a provider of property and casualty insurance, has completed the sale of the personal insurance business and the majority of the commercial insurance business of Travelers Canada to Definity Financial Corporation for approximately $2.4 billion.
The sale was initially announced in May 2025. Travelers has retained its premier Canadian surety business.
Travelers will use approximately $0.7 billion of the net cash proceeds from the transaction for additional share repurchases in 2026, while using the remainder to support ongoing operations and general corporate purposes.
The transaction and the resulting share repurchases are expected to be slightly accretive to the company’s earnings per share in 2026 and over the following several years.
Jefferies LLC and Przygoda & Co. LLC served as financial advisors, while Skadden, Arps, Slate, Meagher & Flom LLP and Stikeman Elliott LLP acted as legal advisors to Travelers on the transaction.
