Definity Financial to Acquire Travelers’ Canadian Insurance Businesses for $2.4 Billion, Potentially Sparking Sector Consolidation
Travelers Cos announced plans to sell several Canadian insurance businesses for $2.4 billion as part of a strategic move to streamline its operations. Canadian property and casualty insurer Definity Financial is set to acquire these Canadian operations from Travelers. The deal, valued at $2.4 billion, is expected to potentially trigger a wave of consolidation in the Canadian insurance sector, according to Definity's CEO. In a related development, Kestrel completed a tie-up with Maiden to form the second-ever listed front in the insurance industry. Additionally, Bridgepoint is preparing to sell the brokerage firm Kereis for 2 billion euros.
Sources
Reuters LegalCanadian property and casualty insurer Definity Financial's $2.4 billion purchase of Travelers Cos' Canadian business could spur a wave of consolidation in Canada's insurance sector, its CEO said. https://t.co/2J6xlKIcYb
Les Echos
Assurance : Bridgepoint s'apprête à céder le courtier Kereis pour 2 milliards https://t.co/yueCAOVvEO
Open Outcrier $TRV (+0.0% pre) Definity announces $3.3-billion deal to buy Canadian operations of U.S. insurance giant Travelers https://t.co/nssgFoh4RK