Travelers completes sale of Canadian personal and commercial businesses to Definity

Travelers has closed the sale of its Canadian personal insurance business and the majority of its Canadian commercial insurance business to Definity Financial Corporation for approximately $2.4 billion.

The transaction, which was previously announced, leaves Travelers retaining its Canadian surety operations, where it remains the largest surety writer in North America. The deal was completed on January 2, 2026.

Travelers said it expects to use about $700 million of the net proceeds for additional share repurchases in 2026, with the remaining cash supporting ongoing operations and general corporate purposes. The company expects the transaction and related buybacks to be slightly accretive to earnings per share in 2026 and in subsequent years.

Jefferies and Przygoda & Co. served as financial advisors to Travelers, while Skadden Arps and Stikeman Elliott acted as legal counsel.

The sale marks a further step in Travelers’ efforts to streamline its international footprint while doubling down on core businesses, including surety, where it sees long-term strategic value.