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.

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