E-L Financial Corporation Limited Announces Agreement to Sell The Dominion of Canada General Insurance Company to Travelers

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[{"type":"text","content":"\n\n\nTORONTO, June 10, 2013 /CNW/ - E-L Financial Corporation Limited (ELF,\n ELF.PR.F, ELF.PR.G, ELF.PR.H) today announced an agreement to sell its\n wholly-owned subsidiary The Dominion of Canada General Insurance\n Company to The Travelers Companies, Inc. (NYSE: TRV) for $1.125 billion\n in cash, subject to adjustment. The transaction is expected to close\n before the end of 2013, subject to regulatory approval and customary\n closing conditions.\n\n\n\"We are extremely proud of what The Dominion team has achieved over the\n years.  We could not be happier that Travelers, a highly respected and\n well capitalized firm, will be the platform for future growth and\n success\" stated Mr. Duncan N.R. Jackman, President and Chief Executive\n Officer of E-L Financial.\n\n\nE-L Financial operates as an investment and insurance holding company. \n In addition to The Dominion, E-L Financial owns 80% of The Empire Life\n Insurance Company, which underwrites life and health insurance policies\n and provides segregated funds, mutual funds and annuity products.  E-L\n Financial remains committed to Empire Life and the life insurance\n industry in Canada.   E-L Financial has not yet determined its plans\n for the proceeds of the sale.\n\n\nFounded in 1887 with Sir John A. Macdonald as its first president, The\n Dominion established its headquarters in Toronto when the city's\n population was just 181,000. Expanding across Canada over the decades\n to come, the company has withstood more than a century of economic\n change to earn a reputation for stability, integrity and strength. \n \"The history of The Dominion is special and it parallels that of Canada\n itself\" says The Hon. Henry N.R. Jackman, who is now Honorary Chairman\n of the Board of Directors of The Dominion. The Dominion is one of the\n country's largest property and casualty insurers with its head office\n in Toronto at the corner of University Avenue and Adelaide Street in\n downtown Toronto.  The Dominion also has regional offices across Canada\n in Vancouver, Edmonton, Calgary, London, Oakville, Markham, Ottawa,\n Charlottetown, and Halifax.\n\n\nCaution Concerning Forward-Looking Statements \nCertain statements made in this news release, including, but not limited\n to, statements relating to the proposed sale of The Dominion of Canada\...

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