What’s New: In Brief (March 28, 2007)

ING Canada (TSX:IIC) has just purchased for cancellation just over Cdn$500 million of its common shares.
More than C$500 million worth of ING Canadas common shares were tendered to a bid. Since the auction process was oversubscribed, ING announced in a press release, the company has determined that, in accordance with the terms of the bid, it expects to take up approximately 9.3 million shares at a purchase price of Cdn$54.00 per share. These shares represent 6.9% of the common shares currently outstanding.
After the share repurchase, the number of common shares outstanding will amount to approximately 124.5 million, the company announced.
Under the terms of the bid, shareholders had the opportunity to tender shares, through a Dutch auction process, at a price of their choice between $51.00 and $59.00. Alternatively, they could make a proportionate tender that would allow them to maintain their proportionate share ownership.
ING Groep, the principal shareholder of ING Canada, participated in the issuer bid by making a proportionate tender and is expected to maintain its equity participation at 70%.

ENCON Group Inc. says Aviva Canada Inc. will join the pool of insurers that underwrite its professional liability and construction insurance programs on April 1, 2007.
Aviva will expand ENCONs product offering with property and crime coverages to complement its core professional liability and commercial general liability (CGL) business.
Avivas participation will also serve to increase ENCONs capacity for construction risks.
ENCON provides professional liability insurance for various professions with errors and omissions exposures, directors and officers, and information technology companies, as well as construction insurance.
We are pleased to join forces with a leading property and casualty insurance carrier and expand our product offering to clients, says ENCON president Jean Laurin. Our focus is on our clients, which means meeting market needs while ensuring a very high level of client satisfaction.
Aviva Canada president and CEO Igal Mayer says: Aviva is very pleased to be working with ENCON, a recognized industry leader in the fields of professional liability and construction. Together, we will be able to offer our brokers an even broader product range.