ING buys Allianz book; Allianz retains global risks

Ending weeks of speculation, ING says it has bought Allianz of Canada Inc., although Allianz will retain the industrial lines book in Canada under Allianz Global Risks.
The Allianz of Canada Inc. portfolio of p&c business includes subsidiaries Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada (which handles group business), as well as broker consolidator Canada Brokerlink, which operates in Ontario and Alberta.
The new business, which includes personal lines and small-to-medium commercial risks, will add $600 million in gross written premiums to ING’s book bringing it to more than $4 billion total. As well, 800 Allianz employees and 525 Canada Brokerlink employees will make the move to ING.
“The acquisition allows us to continue expanding our activities within the p&c insurance industry, especially in Ontario and Alberta,” says Claude Dussault, CEO of ING Canada. He says the company’s growth strategy will also add to economies and increased capabilities of scale.
ING Group executive board member Fred Hubbell points to the parent company’s desire to grow market share in Canada based on its “solid performance” in this country. Currently, ING is the largest p&c company in the country, with $7.6 billion in assets.
The sale is also a positive move for Allianz, allowing it to focus on core business, says Allianz AG board member Jan Carendi. And “retaining the industrial lines operations will allow us to successfully support Canadian and international clients of Allianz Global risks.”