E-L Financial completes C$1.07 billion sale of The Dominion of Canada General Insurance Company
November 01, 2013
1.07 Billion CAD
On November 1, 2013, E-L Financial Corporation Limited announced that it has completed the previously announced sale of its wholly-owned subsidiary The Dominion of Canada General Insurance Company to The Travelers Companies, Inc. for C$1.07 billion in cash, subject to certain post-closing adjustments. E-L Financial plans to allocate the proceeds of the sale to a range of investment opportunities, including global equities.
E-L Financial Corporation, headquartered in Toronto, Ontario, operates as an investment and insurance holding company.
The Dominion of Canada General Insurance Company, headquartered in Toronto, Ontario, is a property and casualty insurer.
The Travelers Companies, Inc., headquartered in New York City, New York, is a provider of property casualty insurance for auto, home and business.
McCarthy Tétrault LLP represented E-L Financial Corporation, the seller, with a team led by Andrew Parker.