Travelers Canada business acquired by Definity for $2.4B: Insurtech news

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Travelers to sell Canadian business to Definity for $2.4 billion

The Travelers Companies announced that it signed a deal to sell its personal insurance business and the majority of its commercial insurance business of Travelers Canada to Definity Financial for $2.4 billion. The deal is expected to close in early 2026, subject to regulatory and other closing conditions. 

Alan Schnitzer, chairman and CEO of Travelers, said in a statement: "The evolution of the Canadian market over the past decade has made Definity a natural long-term owner for this business, a view affirmed by the compelling value of their proposal. I am confident that our Canadian customers, brokers and colleagues will benefit from being part of one of the country's leading and fully integrated property casualty insurers."

Jefferies acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom and Stikeman Elliot served as legal advisors to Travelers. 

Nearmap to acquire itel

Nearmap acquired itel, a provider of property claims solutions. The deal is expected to be completed in the second quarter of 2025. Financial terms of the deal were not disclosed. 

Andy Watt, CEO of Nearmap, said in a statement: "This acquisition is transformative for property insurance. We have long admired the itel brand and by bringing our two companies together, we are combining the best of property intelligence and ground-truth data to create a true end- to-end solution that meets the most critical data needs across insurance claims and underwriting."

Cytora and Aisix partner

Cytora announced a partnership with wildfire climate data provider, Aisix Solutions. Cytora will incorporate Aisix's API-enabled wildfire data and models, Wildfire 3.0, into its platform to provide commercial insurers with advanced wildlife risk data. 

Juan de Castro, COO at Cytora, said in the press release, "Climate risk factors are increasingly becoming critical components in insurance underwriting. Through our partnership with Aisix, we're making it easier for insurers to embed the latest wildfire insights directly into their workflows, empowering smarter and faster decisions with access to the most advanced data and insights available."

Aon and Moody's expands reinsurance casualty collaboration into commercial risk

Aon announced an expansion of its collaboration with Moody's Insurance Solutions into commercial risk, offering insights on climate casualty, emerging risks, risk mitigation strategies and excess casualty named -peril products to commercial insurance buyers.

The collaboration utilizes Moody's Casualty unit technology, which identifies and models emerging risk perils, with Aon's global relationships in traditional and alternative capital sectors. 

Amanda Lyons, global product leader for reinsurance solutions at Aon, said in the press release, "Traditional casualty clash solutions have struggled to provide capital-efficient coverage. Our collaboration with Moody's is now creating products that better reflect exposures and offer more attractive pricing for both commercial risk and reinsurance. This helps businesses make better decisions and supports reinsurance clients and original buyers in confidently pursuing growth strategies."