ING Insurance Company of Canada becomes Intact Insurance Company

ING Insurance Company of Canada has become Intact Insurance Company.
Last week, institutional and retail investors acquired ING Groep’s ownership interest in ING Canada in a Cdn$2.2-billion private placement and secondary offering. The deal transformed the subsidiary into an independent, Canadian-listed and widely-held company, according to an ING Canada release.    
ING Canada Inc., the holding company, will be renamed Intact Financial Corporation later in May, following the approval of the name change by its shareholders. Its TSX ticker will also be changed from IIC to IFC.
ING Canada’s operations in 2008 generated Cdn$620 million in cash. At the end of the year, the company had Cdn$427.5 million in excess capital, a minimum capital test of 205% and no debt.
The company’s new logo has already been launched. Between two red square brackets, the word “intact” appears in bold, black lettering. The word “insurance,” in all caps, appears in red and is centered between the bottom ends of the square brackets.
In the upcoming weeks, Intact Insurance will roll out a re-branding, marketing and advertising campaign across the country. The campaign is designed to aid its network of 1,800 insurance brokers across the country.