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E-L Financial Corporation Ltd Announces Closing of Sale of The Dominion Of Canada General Insurance Company To Travelers Companies, Inc


Friday, 1 Nov 2013 04:47pm EDT 

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 $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 operates as an investment and insurance holding company. Among its other assets, 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. McCarthy Tetrault LLP and Scotiabank acted as advisors to E-L Financial. 

Company Quote

31.48
0.22 +0.70%
24 Oct 2014