Latest news with #Definity
Business Wire
17 hours ago
- Health
- Business Wire
New Guideline Improves Patient Access to Advanced Ultrasound Assessment of Liver Diseases and Transplant Options, Experts Say
CHICAGO--(BUSINESS WIRE)--Patients with liver diseases will have expanded access to advanced ultrasound imaging and transplant options, thanks to new policy allowing doctors to use contrast-enhanced ultrasound (CEUS) to help assess certain liver cancers and determine whether a liver is healthy enough for transplantation, according to experts affiliated with the International Contrast Ultrasound Society (ICUS). Patients with liver diseases will have expanded access to advanced ultrasound imaging and transplant options, thanks to new policy. Share 'This eliminates a significant roadblock to the appropriate use of CEUS at a time when patient lives are at stake,' said Dr. Yuko Kono, a transplant hepatologist and CEUS expert at the University of California San Diego and a member of the ICUS Board of Directors. ICUS was an early and strong supporter of the inclusion of CEUS as an approved imaging option for evaluation of a prevalent form of liver cancer known as hepatocellular carcinoma (HCC) under guidelines and policies established by the Organ Procurement and Transplantation Network (OPTN). While OPTN plays a crucial role in the evaluation and allocation of livers for transplantation, its guidelines and policies often have a broader impact on the clinical practice of hepatology and the use of CEUS to evaluate liver disease, according to Dr. Andrej Lyshchik, a professor of radiology at Thomas Jefferson University and CEUS expert. Dr. Lyshchik is also a member of the ICUS Board of Directors. 'We cannot underestimate the clinical importance of having CEUS officially included in our imaging tool boxes,' said Dr. Lyshchik. ICUS called the new OPTN policy 'a critical step toward modernizing the diagnostic framework for HCC.' ICUS also said that the policy change will 'promote consistency, reduce interpretation errors, and enhance communication with referring physicians' by aligning OPTN imaging classification criteria with a standardized reporting and data collection system known as LI-RADS ®. CEUS is a safe, low-cost diagnostic imaging tool that is routinely used worldwide to assess abdominal and pelvic organs and tumors, heart and vascular disease, chronic gastro-intestinal diseases and other serious medical conditions, and to monitor therapy. 'CEUS solves many clinical problems efficiently, without exposure to ionizing radiation, and with sensitivity and specificity comparable to and sometimes better than contrast-enhanced CT and MRI,' said Dr. Stephanie Wilson, a clinical professor of radiology and gastroenterology at the University of Calgary and Co-President of ICUS. Because ultrasound systems are readily available in many medical centers throughout the world and provide reliable diagnostic information in real time, CEUS often streamlines clinical workflows and reduces delays in diagnosis and treatment, she added. Three ultrasound contrast agents are currently approved by the US Food and Drug Administration: Definity (Lantheus); Lumason (Bracco Imaging) and Optison (GE Healthcare). ABOUT ICUS: The International Contrast Ultrasound Society (ICUS) is a nonprofit medical society dedicated to advancing the safe and medically appropriate use of contrast enhanced ultrasound (CEUS) to improve patient care globally. Membership in ICUS is free of charge and there is no fee for ICUS educational programs, CME credits, newsletters or other resources. To join ICUS and learn more about CEUS, visit and download ICUS CONNECT, the free ICUS mobile app.
Cision Canada
11-06-2025
- Business
- Cision Canada
Definity Financial Corporation Completes $385 Million Private Placements of Common Shares
/NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ WATERLOO, ON, /CNW/ - Definity Financial Corporation (TSX: DFY) announced today that it has completed its previously announced private placement of common shares with a syndicate of underwriters led by RBC Capital Markets as Sole Bookrunner (collectively the "Underwriters"), pursuant to which Definity has issued 4,631,000 common shares of the Company ("Common Shares") at an offering price of $66.65 per Common Share (the "Offering Price") for gross proceeds of approximately $309 million (the "Offering"). The Common Shares were offered by way of private placement to accredited investors and other exempt purchasers. The Common Shares are subject to a four-month hold period under applicable securities laws in Canada. As previously announced, in connection with the exercise by Healthcare of Ontario Pension Plan Trust Fund ("HOOPP") of its pre-emptive right under the Governance Agreement dated November 23, 2021 between Definity and HOOPP, HOOPP has purchased, on a private placement basis, 1,151,256 Common Shares at a price of $66.65 per Common Share, for aggregate gross proceeds of $76,731,212 (the "HOOPP Private Placement"). The net proceeds from the Offering and HOOPP Private Placement are intended to be used by Definity to fund a portion of the purchase price of the previously announced acquisition of the Canadian operations of Travelers (other than Travelers' Canadian surety business) for cash consideration of approximately $3.3 billion (the "Transaction"). The Transaction is not subject to any financing condition or contingency. In the event that the Transaction does not ultimately close, the net proceeds from the Offering are intended to be used by Definity for general corporate purposes. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or under any state securities laws in the United States, and may not be offered, sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from or not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. This release does not constitute an offer to sell or a solicitation to buy Common Shares in the United States or in any other jurisdiction where such offer is or may be unlawful. About Definity Financial Corporation Definity Financial Corporation ("Definity" or the "Company", which include its subsidiaries where the context so requires) is one of the leading property and casualty insurers in Canada, with over $4.5 billion in gross written premiums for the 12 months ended March 31, 2025 and approximately $3.4 billion in equity attributable to common shareholders as at March 31, 2025. Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada. Forward-looking information may relate to our future business, financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, plans and objectives. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "aims", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "optimize", "strengthening", "leadership", "believes", or variations of such words and phrases or statements that certain actions, events or results "can", "may", "could", "delivers", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, forward-looking information in this news release includes, among other things, statements in respect of: the Transaction; the terms of the Transaction, including the anticipated purchase price; expectations regarding Transaction financing; and the intended use of the net proceeds of the Offering and the HOOPP Private Placement. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding possible future events or circumstances. Forward-looking information in this news release is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. In addition to other estimates and assumptions which may be identified herein, estimates and assumptions have been made regarding, among other things: that the Transaction will be effected as currently proposed; that sources of funding of the Transaction will be available in a timely manner on terms acceptable to Definity; that all requisite approvals will be obtained in a timely manner in form and substance acceptable to Definity; that the Transaction will otherwise proceed on the currently anticipated timing; that the expected benefits of the Transaction will be realized; and that the applicable economic and political environments and current industry conditions will generally continue. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as at the date such statements are made, and are subject to many factors that could cause our actual results, performance or achievements, or other future events or developments, to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: Definity's ability to continue to offer competitive pricing or product features or services that are attractive to customers; Definity's ability to appropriately price its insurance products to produce an acceptable return, particularly in provinces where the regulatory environment requires auto insurance rate increases to be approved or that otherwise impose regulatory constraints on auto insurance rates; Definity's ability to accurately assess the risks associated with the insurance policies that it writes; Definity's ability to assess and pay claims in accordance with its insurance policies; Definity's ability to obtain adequate reinsurance coverage to manage risk; Definity's ability to accurately predict future claims frequency or severity, including the frequency and severity of weather-related events and the impact of climate change; Definity's ability to address inflationary cost pressures through pricing, supply chain, or cost management actions; the occurrence of unpredictable catastrophe events; litigation and regulatory actions, including potential claims in relation to demutualization and our IPO and unclaimed demutualization benefits and the tax treatment of related amounts transferred to the Company, and COVID-19-related class- action lawsuits that have arisen and which may arise, together with associated legal costs; unfavourable capital market developments, interest rate movements, changes to dividend policies or other factors which may affect our investments or the market price of the Common Shares; changes associated with the transition to a low-carbon economy, including reputational and business implications from stakeholders' views of our climate change approach or of our environmental or climate change–related representations (i.e. "greenwashing"), that of our industry, or that of our customers; Definity's ability to successfully manage credit risk from its counterparties; foreign currency fluctuations; Definity's ability to meet payment obligations as they become due; Definity's ability to maintain its financial strength rating or credit rating; Definity's dependence on key people; Definity's ability to attract, develop, motivate, and retain an appropriate number of employees with the necessary skills, capabilities, and knowledge; Definity's ability to appropriately collect, store, transfer, and dispose of information; Definity's reliance on information technology systems and software, internet, network, data centre, voice or data communications services and the potential disruption or failure of those systems or services, including disruption as a result of cyber security risk or of a third-party service provider; failure of key service providers or vendors to provide services or supplies as expected, or comply with contractual or business terms; Definity's ability to obtain, maintain and protect its intellectual property rights and proprietary information or prevent third parties from making unauthorized use of our technology; Definity's ability to effectively govern the use of models, artificial intelligence, and generative AI technology; compliance with and changes in legislation or its interpretation or application, or supervisory expectations or requirements, including changes in the scope of regulatory oversight, effective income tax rates, risk-based capital guidelines, accounting standards, and generally accepted actuarial techniques; changes in domestic or foreign government policies, such as cross-border tariffs or trade policies, may negatively impact the Canadian economy and the P&C insurance industry and/or exacerbate other risks to Definity; failure to design, implement and maintain effective controls over financial reporting and disclosure which could have a material adverse effect on our business; deceptive or illegal acts undertaken by an employee or a third party, including fraud in the course of underwriting insurance or administering insurance claims; Definity's ability to respond to events impacting its ability to conduct business as normal; Definity's ability to implement its strategy or operate its business as management currently expects; general business, economic, financial, political, and social conditions, particularly those in Canada; the emergence or continuation of widespread health emergencies or pandemics, and their impact on local, national, or international economies, as well as their heightening of certain risks that may affect our business or future results; the competitive market environment and cyclical nature of the P&C insurance industry; the introduction of advanced technologies, disruptive innovation or alternative business models by current market participants or new market entrants; distribution channel risk, including Definity's reliance on brokers to sell its products; Definity's dividend payments being subject to the discretion of its board of directors and dependent on a variety of factors and conditions existing from time to time; the discontinuance, modification, or failure to renew or complete Definity's normal course issuer bid; Definity's dependence on the results of operations of its subsidiaries and the ability of the subsidiaries to pay dividends; Definity's ability to manage and access capital and liquidity effectively; Definity's ability to successfully identify, complete, integrate and realize the benefits of acquisitions or manage the associated risks, including with respect to the Transaction; management's estimates and judgments in respect of IFRS 17 and its impact on various financial metrics; periodic negative publicity regarding the insurance industry, Definity, or Definity Insurance Foundation; and management's estimates and expectations in relation to interests in the broker distribution channel and the resulting impact on growth, income, and accretion in various financial metrics. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in Section 11 – "Risk Management and Corporate Governance" of our MD&A for the year ended December 31, 2024 should be considered carefully by readers. To the extent any forward-looking information in this presentation constitutes a "financial outlook" within the meaning of applicable securities laws, such information is being provided to assist investors in understanding the potential financial impact of the Transaction. Such information may not be appropriate for other purposes. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, the factors above are not intended to represent a complete list and there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as at the date made. The forward-looking information contained in this news release represents our expectations as at the date of this news release (or as at the date they are otherwise stated to be made) and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements. SOURCE Definity Financial Corporation
Toronto Star
04-06-2025
- Business
- Toronto Star
Definity signs deal to buy Travelers' Canadian operations for $3.3 billion
WATERLOO - Definity Financial Corp. says it will acquire most of the Canadian operations of U.S. insurance firm Travelers for $3.3 billion. Definity says the deal will make it the fourth largest property and casualty insurer in Canada.
Globe and Mail
03-06-2025
- Business
- Globe and Mail
Why foreign property and casualty insurers are quitting Canada
In the fragmented domestic auto and home insurance industry, the big question is: Who will be next to exit? Last week, U.S. insurance giant Travelers surprised the market by selling its Canadian operations to Waterloo-based Definity Financial Corp. DFY-T for $3.3-billion. New York-based Travelers is the latest in a string of foreign-owned property and casualty (P&C) insurance company to quit the domestic market. Over the past decade, global insurers such as State Farm, AXA and Hartford opted to exit. While there have been numerous departures, there are still more than 150 P&C players competing in a consolidating sector where scale and marketing heft are increasingly critical to success. The vast majority have single-digit market share – Travelers had roughly 2 per cent of the market – and would need to spend billions to bulk up. There are also a handful of Canadian companies – including market leader Intact Financial Corp., Definity, Desjardins Group, Co-operators, Fairfax Financial Holdings Ltd. and Toronto-Dominion Bank – with ambitions to dominate the sector. Analysts say further auto and home insurer consolidation is as inevitable as highway fender benders on holiday weekends. Toronto-based Intact has moved onto the global stage as part of its consolidation strategy. In 2020, Intact and a Danish insurer acquired London-based RSA Insurance Group PLC, a major player in the Canadian market, for $12.4-billion. Institutional investors are willing to put money into consolidators such as Intact and Definity. Three larger domestic pension plans committed capital to the RSA purchase. Analysis: Why investors love Definity's big acquisition, helping the home and auto insurer extend its hot run For ambitious chief executives such as Intact CEO Charles Brindamour, an accomplished integrator of insurance businesses, the obvious next targets are Allstate Insurance Co. of Canada, which has a Chicago-based parent, and Aviva Insurance Co. of Canada, with an owner in London. Both companies have larger market share than Travelers, but similar challenges when it comes to further expanding their platforms. Both Allstate and Aviva will be looking at the economics behind the Definity deal and making a go-big-or-go-home decision. Travelers built its Canadian platform through acquisitions, highlighted by the 2013 purchase of Dominion of Canada General Insurance Co. for more than $1-billion. (Definity's acquisition of the company brings a business founded by Sir John A. Macdonald in 1887 back into Canadian hands.) Part of Travelers' expansion strategy centred on using a familiar U.S. brand – a red umbrella – to sell insurance north of the border. The campaign never really caught on. In part, that reflects a P&C industry that sells through independent agents, who care more about commissions than umbrellas. It also reflects domestic insurers spending heavily on advertising to sell online through flanker brands such Intact's Belair Direct and Definity-owned Sonnet. These campaigns drowned out Traveler's marketing. Travelers decided to sell at a time when industry dynamics favour P&C insurers, with what's known as a hard market on pricing. The Canadian division sold for 1.8 times its book value, an impressive premium. Travelers plans to use US$700-million of the sale's proceeds to buy back its own stock, a shareholder-friendly move. In soft insurance markets, when P&C insurers discount their rates to win customers, acquirers will offer far smaller premiums to book value on potential purchases. For Allstate and Aviva, this is a seller's market, one that may not last. Definity paid up for Travelers, and devoted the better part of a year negotiating the takeover, because the transaction vaulted the insurer into the country's top five players. The additional scale translates into $100-million a year in annual savings, a significant boost in the company's return on equity and a 30-per-cent increase in premiums. Definity went public in 2021 to do this sort of takeover, after being founded in 1871 as mutual company Economical Insurance, owned by its policyholders. CEO Rowan Saunders said in announcing the Travelers deal that 'this acquisition demonstrates our commitment to long-term growth and competitiveness.' It also avoids having Definity show up on lists of potential takeover targets, alongside Allstate and Aviva. As part of the initial public offering, the company and regulators struck a four-year moratorium on takeovers of Definity. The standstill agreement expires this fall. Buying Travelers should make Definity too large or too expensive for a domestic rival such as Intact to acquire. Or an even more tempting prize.
Yahoo
29-05-2025
- Business
- Yahoo
Definity enters $2.4bn deal to buy most of Travelers Canada
Definity Financial Corporation has agreed to acquire the majority of Travelers' Canadian operations for a cash consideration of nearly C$3.3bn ($2.4bn). The assets to be acquired are the personal insurance business and most of the commercial insurance business of Travelers Canada, excluding its Canadian surety operations. Travelers Canada, with approximately C$1.6bn in annual gross written premiums, is a national property and casualty (P&C) insurer with a diverse portfolio. The deal is contingent on regulatory approvals and is due to be completed in the first quarter of 2026 (Q1 2026). Definity plans to fund the acquisition through C$281m from a bought deal private placement, C$70m from a private placement with the Healthcare of Ontario Pension Plan, C$1.5bn in excess capital and C$1.6bn in new debt. Upon finalisation, Definity is looking to divest C$1bn of the excess capital to repay a term loan, subject to regulatory approval. The acquisition is expected to position Definity as one of the five largest P&C insurers in Canada, with around C$6bn in combined annual premiums, the Definity press release said. It will also accelerate the transformation of Definity's commercial insurance platform and scale to its personal lines business. Definity president and CEO Rowan Saunders said: 'This is a transformative acquisition that is squarely in line with the growth strategy we have set for Definity, one that will move us into the top four largest P&C insurers in Canada. 'This highly complementary business will diversify our portfolios, provide additional expertise and product offerings, and continue our track record of shareholder value creation.' Travelers has stated that it intends to use approximately $700m of the net cash proceeds from the transaction for additional share repurchases in 2026, while retaining the balance for ongoing operations and general corporate requirements. Travelers chairman and CEO Alan Schnitzer stated: 'This transaction is a reflection of our steadfast commitment to disciplined capital allocation and long-term value creation. "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.' Meanwhile, in March, Swiss Re agreed to divest its full 10.05% stake, amounting to 11,647,217 common shares, in Definity. "Definity enters $2.4bn deal to buy most of Travelers Canada " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
