Travelers Company Inc. dotted the “i’s” and crossed the “t’s” on its purchase The Dominion of Canada General Insurance Company from E-L Financial Corporation Limited.
Following through on its announced intention to purchase the venerable Canadian insurer back in June of this year, U.S. Insurer Travelers will rebrand the organization as Travelers Canada – keeping the headquarters in Toronto.
“The combination of Travelers Canada and The Dominion is an exciting development,” Alan Schnitzer, vice chairman and head of Travelers’ Financial, Professional & International Insurance business segment, told reporters during the Friday announcement. “It creates an exceptional platform for strengthening our presence in Canada and expanding our relationships with customers and brokers. We look forward to leveraging the strengths and expertise of both organizations to deliver an expanded range of products and an even higher level of service.”
Travelers Companies is one of the leading providers of property casualty insurance for auto, home and business. Travelers has approximately 30,000 employees, and recorded revenues of approximately $26 billion in 2012.
Brigid Murphy, president and CEO of The Dominion, will continue in these roles at the combined organization. A member of the CEO Panel at the recent Insurance Brokers Association of Ontario conference, Murphy indicated that she was looking forward to working with the Travelrs team. (continued.)
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“We are looking forward to working with the Travelers Canada team as we begin this exciting new chapter,” said Murphy, “while continuing our commitment to the communities and organizations we serve.”
George Petropoulos, president and CEO of Travelers Canada, will help lead the newly-created organization as vice chairman and executive vice president, Bond and Financial Products.
