Definity Monetary has concluded its acquisition of the private insurance coverage and many of the business insurance coverage operations of the Vacationers Corporations in Canada for practically C$3.3bn in money.
The transaction, agreed in Could, excludes the surety phase.
On the time of the deal’s announcement, Definity mentioned the acquisition makes it certainly one of Canada’s prime 5 property and casualty (P&C) insurers, with mixed annual premiums of round C$6bn.
Definity CEO and president Rowan Saunders mentioned: “Right this moment marks a brand new period for Definity as we full this milestone acquisition.
“We prolong a heat welcome to our new colleagues and stay deeply dedicated to delivering a optimistic expertise for our prospects and valued dealer companions. Collectively, we are going to proceed constructing a Canadian champion.”
RBC Capital Markets supplied monetary recommendation to Definity on the transaction, whereas authorized counsel was equipped by Blake, Cassels & Graydon.
Vacationers plans to allocate roughly $700m from the proceeds for share buybacks in 2026.
The remaining funds are supposed to help ongoing enterprise actions and basic company wants.
The corporate expects these actions to be “barely” accretive to its earnings per share from 2026 onwards.
Jefferies and Przygoda & Co. served as monetary advisors to Vacationers on this transaction, whereas authorized counsel was supplied by Skadden, Arps, Slate, Meagher & Flom and Stikeman Elliott.
For the 12 months ending 30 September 2025, Definity reported gross written premiums exceeding $4.7bn, whereas fairness attributable to frequent shareholders stood at greater than $4bn.
“Definity completes buy of Vacationers’ Canadian insurance coverage companies ” was initially created and revealed by Life Insurance coverage Worldwide, a GlobalData owned model.
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