Definity Financial Corp., the Canadian property/casualty insurer, announced the completion of
its previously announced acquisition of the personal insurance b
usiness and the majority of the Canadian businesses of The Travelers Cos.
The deal, which was first announced in May 2025, is valued at $2.4 b
illion and includes Travelers’ Canadian personal insurance business an
d majority of its commercial insurance operations. Travele
rs, which is the largest surety writer in North America, has retained its Canadian surety business.
“Today marks a new era for Definity as we complete this milesto
ne acquisition,” said Rowan Saunders, president & CEO, Definity, which is based in Waterloo, Ontario.
Travelers expects to use approximately US$700 million of the net cash proceeds of the transaction for ad
ditional share repurchases in 2026, while retaining the remainder to support ongoing operations and for gen
eral corporate purposes. The transaction and resulting share repur
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chases are expected to be slightly accretive to the company’s earnings per share in 2026 andeach ofthe next several years.
RBC Capital Markets acted as financial adviser and Blake, Cassels & Graydon LLP served as legal advisor to Definity in the transaction.
Jefferies LLC and Przygoda & Co. LLC acted as financial advisers for Travelers, while Skadden, Arps, Slate, Meagh
er & Flom LLP and Stikeman Elliott LLP served as its legal advisers.
Coming in at number two on the list of most well-read articles was the cost to Jamaica of Hurricane Melis
sa, absorbed mostly by catastrophe investors and reinsurers. To avoid repeats, we’ve combined all the Jamaica-related
stories. Jamaica’s $150 million cat bond was arranged by the World Bank to help provide funds to pay for extreme w
eather events. The property-catastrophe market is closely watching cat bonds, given their ability to erode reinsurers’ market share. Here are the top Jamaica cat bond articles: