ST. PAUL (dpa-AFX) - E-L Financial Corp. Ltd. (ELF.TO) on Monday announced an agreement to sell its subsidiary, The Dominion of Canada General Insurance Co., to The Travelers Cos. Inc. (TRV) for $1.125 billion in cash, subject to adjustment.
The deal is expected to close before the end of 2013, subject to regulatory approval and customary closing conditions.
'We are extremely proud of what The Dominion team has achieved over the years. We could not be happier that Travelers, a highly respected and well capitalized firm, will be the platform for future growth and success' stated Duncan Jackman, Chief Executive Officer of E-L Financial.
E-L Financial operates as an investment and insurance holding company. In addition to The Dominion, E-L Financial owns 80% of The Empire Life Insurance Company, which underwrites life and health insurance policies and provides segregated funds, mutual funds and annuity products. E-L Financial remains committed to Empire Life and the life insurance industry in Canada. E-L Financial has not yet determined its plans for the proceeds of the sale.
Copyright RTT News/dpa-AFX
© 2013 AFX News
