Travelers to Buy Canadian Insurer for About $1.1B
Property/casualty insurer The Travelers Cos. says it will spend about $1.1 billion in cash to buy The Dominion of Canada General Insurance Co. and strengthen its reach north of the U.S. border.
The New York-based insurer says The Dominion’s distribution network and customer base will help Travelers bolster its commercial lines business and presence in Canada.
Travelers will pay for the deal with a combination of debt, possibly preferred stock and company resources. It expects that the acquisition will have no significant impact on this year’s earnings per share and will provide a slight boost to 2014.
It expects the deal to close in the fourth quarter, subject to regulatory approvals and other closing conditions.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- ‘Fearless Girl’ Lawsuit by State Street Settles on Eve of Trial
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- Growing Progressive Set to Hire 10,000 for Claims, IT, Other Roles
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
Popular This Month
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- Property Restoration Industry: A Culture in Need of Repair?
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme