The Travelers Cos. says it will acquire The Dominionof Canada General Insurance Company from E-L Financial Corp. for approximately $1.1 billion in cash.
|Travelers says The Dominion and Travelers' Canadian operationswill combine and the organization will remainheadquartered in Toronto.
|The deal is expected to close in the fourth quarter of2013, subject to regulatory approvals and conditions.
|“This transaction is consistent with our strategy to makethoughtful investments in attractive markets outside the UnitedStates,” says Jay Fishman, chairman and CEO of Travelers, in aststement. “The Dominion is a great franchise, and this is a verygood opportunity for Travelers to significantly improve its marketposition and scale in a meaningful market.
|Alan Schnitzer, vice chairman and head of Travelers' Financial,Professional & International Insurance business segment,adds, ”The Dominion's extensive distribution network andestablished customer base provide us with an exceptional platformfor expanding our commercial lines business and generallystrengthening our presence in Canada.
|Brigid Murphy, president and CEO of The Dominion, willcontinue in these roles at the combined organization. GeorgePetropoulos, president and CEO of Travelers Canada, will helpMurphy lead the new organization as vice chairman. In addition,Petropoulos will be executive vice president of Bond andFinancial Products.
|“The combination will substantially enhance Travelers' productbreadth in Canada by coupling The Dominion's commercial andpersonal portfolios with Travelers Canada's surety, managementliability and commercial middle market products,” saysPetropoulos.
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