ING-Zurich deal finalized

A deal with sees Zurich North America Canada’s personal lines p&c book head to ING has been granted regulatory approval. The agreement, first announced in November, also sees the company’s forming an alliance in the commercial market, and able to offer their products to each others distributors and customers.
The alliance gives ING a 12% share of the Canadian market and strengthens Zurich’s position in the corporate and large commercial market with a 21% share.
As part of the deal, 1,000 Zurich employees have moved to ING.
Zurich also sold its high-income “Prestige” line to Chubb as part of the restructuring plan.