Property casualty insurance provider Travelers Companies, Inc. (TRV) said it would acquire The Dominion of Canada General Insurance Company from E-L Financial Corporation Ltd. (ELF.TO) for about $1.1 billion cash. The Dominion and Travelers' Canadian operations would be integrated and the combined organization would remain headquartered in Toronto.
Brigid Murphy, President and Chief Executive of The Dominion, would continue in these roles at the combined organization, whereas George Petropoulos, President and Chief Executive of Travelers Canada, would help Murphy lead the new organization as Vice Chairman. Further, Petropoulos would be Executive Vice President, Bond and Financial Products.
Petropoulos added, "The combination will substantially enhance Travelers' product breadth in Canada by coupling The Dominion's commercial and personal portfolios with Travelers Canada's surety, management liability and commercial middle market products." The transaction may close in the fourth quarter of 2013.
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