What workers, brokers, and policyholders stand to gain from travelers' agreement to preserve 1,400 jobs in Canada

The Canadian business of Travelers will be acquired by Definity Financial Corp. The total value of the acquisition is $3.3 billion. Definity will become the fourth-largest property and liability insurer in Canada as a result of this transaction. Every one of Travelers Canada's 1,400 employees will continue to work there. Consumers can anticipate competitive pricing and additional options. Regulatory permission is needed for the deal. By early 2026, it should be closed.Definity Financial Corp. plans to pay $3.3 billion to acquire the Canadian operations of the US behemoth Travelers, one of the largest transactions in Canada's insurance industry in recent memory. This merger could change the competitive environment for both insurers and consumers.

More than 1,400 Traveler employees across Canada will retain their employment when the two companies combine under a single brand, despite the fact that large acquisitions frequently result in job losses.Definity will move up from sixth place to become Canada's fourth-largest property and liability insurer as a result of the purchase. Its expanding presence in the insurance industry is demonstrated by the $6 billion in total yearly premiums it currently manages.