Travelers to Acquire Canada Assets for $1.1 Billion

Travelers (NYSE: TRV  ) has traveled north of the border for its latest large-scale asset purchase. The company announced Monday that it has agreed to a deal with Canada's E-L Financial to acquire The Dominion of Canada General Insurance.

The price is roughly $1.1 billion in cash, although the final amount is subject to adjustment.

In the press release announcing the news, Travelers quoted CEO Jay Fishman as saying that Dominion is "a great franchise, and this is a very good opportunity for Travelers to significantly improve its market position and scale in a meaningful market."

The American firm said Dominion's Canadian operations would be integrated with its own in that country, and the blended firms would have their headquarters in Toronto. Dominion's current CEO, Brigid Murphy, will serve in the same capacity for the combined entity. The Dominion was founded in 1887 in Toronto and has expanded across Canada. The transaction is expected to close in the fourth quarter.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2482882, ~/Articles/ArticleHandler.aspx, 12/20/2014 12:25:20 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement