Travelers Completes Dominion Acquisition
The Travelers is now officially the owner of The Dominion of Canada General Insurance. The former announced it has closed the acquisition, which was originally announced in June.
The headquarters of the company's new asset will remain in Toronto, but the firm will be rechristened Travelers Canada.
The American firm reached a deal with Canada-based E-L Financial to buy Dominion for around $1.1 billion in cash.
In the press release announcing the news, Travelers quoted its Vice Chairman and Head of its Financial, Professional & International Insurance division Alan Schnitzer as saying that the addition of Dominion "creates an exceptional platform for strengthening our presence in Canada and expanding our relationships with customers and brokers."
At the end of its most recently reported quarter, Travelers had $295 million in cash.
The article Travelers Completes Dominion Acquisition originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.