WATERLOO — Definity Financial Corp. says it will acquire most of the Canadian operations of U.S. insurance firm Travelers for $3.3 billion.
Definity says the deal will make it the fourth largest property and casualty insurer in Canada.
The agreement will give the Waterloo, Ont.-based firm an additional $1.6 billion in annual gross written premiums.
It will add about $1 billion in annual premiums to its personal lines segment and roughly $600 million to its commercial lines business.
Definity says the deal excludes Travelers' Canadian surety business.
The transaction is subject to approval from the minister of finance and needs clearance under the Competition Act but is expected to close in the first quarter of 2026.
This report by The Canadian Press was first published May 28, 2025.
The Canadian Press
