ING Canada acquires Grey Power (April 03, 2006)

ING Canada (TSX:IIC.LV) recently acquired Grey Power Insurance Brokers Inc. (GPIBI) of Stouffville, ON.
With its acquisition of GPIBI, ING Canada now owns four of the eight Grey Power brokerages.
The transaction is not expected to immediately impact the staff or operations of GPIBI. Ron Griffiths, a founding principal of GPIBI, will continue to act as president and the Company’s current management team and staff will not be altered.
“We expect both clients and staff to derive benefits through this direct association with ING Canada,” Griffiths says.
Trafalgar Insurance vice president Catherine Smola expects that GPIBI will be able to capitalize on ING’s underwriting and claims management, as well as marketing, actuarial and IT support. “Access to these resources will certainly enhance the value offered to Grey Power’s unique and growing client base,” Smola says.
GPIBI accounts for about 50% of the Grey Power network’s business volume, offering about CDN$68 million in annual premiums through five satellite operations in Ontario and 100 staff.
The Grey Power network provides auto, home and travel insurance for individuals aged 50 and older out of its eight separate brokerages that total 14 offices in Alberta, Ontario and Nova Scotia.
The insurance products offered by Grey Power are underwritten by the Trafalgar Insurance Company of Canada, which ING Canada acquired as part of its acquisition of Allianz Canada in 2004.
At that time, Grey Power network was comprised of five independent brokerages and another three that Allianz Canada owned.