Definity to acquire Canadian personal insurance business from Travelers for $2.4bn.

Definity, an insurance company, agreed to acquire Canadian personal insurance business from Travelers, an insurance company that offers a wide range of property and casualty insurance products, for $2.4bn. “This transaction is a reflection of our steadfast commitment to disciplined capital allocation and long-term value creation. The evolution of the Canadian market over the past decade has made Definity a natural long-term owner for this business, a view affirmed by the compelling value of their proposal. I am confident that our Canadian customers, brokers and colleagues will benefit from being part of one of the country’s leading and fully integrated property casualty insurers,” Alan Schnitzer, Travelers Chairman and CEO.