TORONTO, ONTARIO--(Marketwired - Nov. 1, 2013) - E-L Financial Corporation Limited (TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G)(TSX:ELF.PR.H) today 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. (NYSE:TRV) 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 Tétrault LLP and Scotiabank acted as advisors to E-L Financial.
Caution Concerning Forward-Looking Statements
Certain statements made in this news release, including, but not limited to, statements relating to the use of proceeds in respect of the sale of The Dominion of Canada General Insurance, are forward looking.
Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of giving information about the transaction referred to above. Readers are cautioned that such information may not be appropriate for other purposes.