Insurable Interest Canadian Insurance Blog

Building a Canadian champion: Definity Financial Corporation announces agreement to acquire Canadian operations of Travelers for $3.3 billion and concurrent $351 million private placements of common shares Definity to acquire Canadian operations of Travelers for $3.3 billion1, representing ~1.4x P/B2 Establishes Definity as the #4 overall P&C insurer in Canada, strengthening leadership position in the broker channel, and delivering on financial objectives and inorganic growth strategy Immediately accretive to operating EPS3, expected to reach double-digits within 36 months of close; internal rate of return in excess of 20%4 Significant value creation opportunity through scale benefits with estimated run-rate expense synergies of ~$100 million (pre-tax), before considering loss cost improvements Effectively delivers on operating ROE3 target, with an expected improvement of over 200 bps on a run-rate basis, enabling Definity to sustainably target mid-teens post integration Optimizes balance sheet via strategic deployment of excess capital and utilization of significant financial leverage capacity Waterloo, ON (May 27, 2025) – Definity Financial Corporation is pleased to announce that it has entered into a definitive agreement with Travelers to acquire Canadian operations of Travelers (other than Travelers’ Canadian surety business) for cash consideration of approximately $3.3 billion. The assets to be acquired as part...

insurer also planning to migrate Guidewire BillingCenter to the cloud; selects Guidewire ClaimCenter for its International Wholesale operation Richmond, VA (May 27, 2025) – Following the successful deployment of mea Platform’s generative AI (GenAI) solution within Markel’s London Wholesale operations, mea and Markel are pleased to announce the expansion of their strategic partnership to include Markel’s Canadian business.​ This next phase will see mea’s platform applied across Markel Canada’s underwriting operations to automate the extraction of unstructured data from submission-related documents. By utilizing mea’s agentic AI extraction tools and its mixture of experts architecture, this data will be transformed into structured, analyzable formats, enhancing operational efficiency and underwriter productivity while enabling faster, more informed decision-making. Maureen Tomlinson, Senior Vice President of Operations at Markel Canada, commented:​“We are excited to bring mea’s GenAI capabilities to our Canadian operations. This technology will allow us to streamline our submission processes, reduce manual workloads, and provide our underwriters with timely, actionable insights. It’s a significant step forward in our commitment to operational excellence and delivering superior service to our clients and brokers.”​ Martin Henley, CEO of mea platform, added:​“Expanding our partnership with Markel into the Canadian market is a testament to the success we’ve...

IBC member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada Toronto, ON (May 26, 2025) – Insurance Bureau of Canada (IBC) is proud to announce that The Commonwell Mutual Insurance Group has joined its membership, which represents the vast majority of P&C insurers in Canada. With over 125 years of dedicated service to communities across Ontario, The Commonwell brings trusted expertise in home, commercial, farm, vehicle, and watercraft insurance to the industry association. “We are pleased to welcome The Commonwell to IBC,” said Celyeste Power, President and CEO, IBC. “We appreciate The Commonwell’s community spirit and value their commitment to fostering meaningful relationships with their customers. They will add their unique and strong voice to IBC’s broad membership that works to ensure our industry continues to provide strong support to Canadians from coast-to-coast.” The Commonwell has been built on more than a century of hands-on commitment to the local communities it serves. Since its founding, The Commonwell operates on the same historical premise of its three legacy companies – maintaining a focus on local presence and service that builds strong long-term relationships for the benefit of the greater community. It brings diverse...

Ancaster, ON (May 21, 2025) – SIB Corp., operating as StoneRidge Insurance Brokers (“SIB”), is pleased to announce a new partnership with Shireen Al-Attar and the launch of Bound Insurance Brokers Bound Insurance is a full-service insurance brokerage that provides comprehensive insurance solutions to customers in the Greater Toronto Area and has a mandate to provide customers with superior service at the most competitive prices. “I am extremely excited for the opportunity to build a business alongside SIB where the core focus is centered on providing great value to our clients. We will be able to offer access to a broad range of markets with both commercial and personal lines capabilities and will deliver the personalized service that clients expect” said Shireen Al-Attar, Managing Partner. Shireen brings 23 years of experience in the insurance industry and has held various senior leadership roles at insurance brokerages throughout the GTA. “We are very excited for this Joint Venture opportunity with Shireen and Bound Insurance. Shireen will bring a tremendous amount of experience and industry knowledge to the SIB team. She is a great fit for our client oriented and sales focused culture” said Ted Puccini, SIB’s CEO and President. SIB is actively...