New York, NY (Nov. 2, 2013) – The Travelers Companies, Inc. has announced the completion of its acquisition of The Dominion of Canada General Insurance Company from E-L Financial Corporation Limited. The combined organization, which will be referred to as Travelers Canada, will remain headquartered in Toronto.
“The combination of Travelers Canada and The Dominion is an exciting development,” said Alan Schnitzer, Vice Chairman and head of Travelers’ Financial, Professional & International Insurance business segment. “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 Insurance Company of Canada is a subsidiary of The Travelers Companies, Inc. (NYSE: TRV), a leading property casualty insurer selling primarily through independent agents and brokers. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and operations in the United States, Canada, the United Kingdom, Ireland and Brazil. The company generated revenues of approximately $26 billion in 2012. For more information, visit www.travelers.com. In Canada, the company’s diverse business lines offer its customers a wide range of coverage. For more information, visit www.travelerscanada.ca.
All statements in this press release other than statements of historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These include, among others, statements regarding our strategy and the impact of the acquisition on business operations and results, and statements regarding our plans to finance the transaction and repurchase common shares. Actual results of matters addressed in these forward-looking statements involve risks and uncertainties and may differ substantially from those expressed or implied. Some of the factors that could cause actual results to differ are discussed under the heading “Risk Factors” and “Forward-Looking Statements” in the company’s most recent Form 10-K and Form 10-Q. Additional factors that could cause actual results to differ include, but are not limited to: risks relating to pursuing new markets and opportunities, including opportunities in international markets; the risk that the acquisition and the integration of the acquired business may result in operating difficulties and other unintended consequences; whether conditions in the capital markets are suitable for the company to incur additional indebtedness and/or issue preferred stock; factors that may impact the company’s level of share repurchases, including the company’s financial position, earnings, share price, catastrophe losses, rating agency requirements, capital requirements of operating subsidiaries, legal and regulatory constraints, other investment opportunities and the potential need for the company to use capital to fund its qualified pension plan or other strategic initiatives; and the risk that Travelers may not realize the anticipated benefits of its investment. The forward-looking statements in this release speak only as the date of this release, and we undertake no obligation to update any forward-looking statements.