What’s New: In Brief (November 05, 2008)

Standard & Poor (S&P)’s has affirmed the A+ financial ratings of ING Canada’s primary operating subsidiaries, with a stable outlook.
S&P’s has withdrawn the ratings at the request of ING Canada, according to an ING Canada release.
Gilles Gratton, vice president of corporate communications at ING Canada, says the company withdrew from S&P’s as part of its objective to have only two ratings for ING Canada, the holding company, and two for the insurance subsidiaries.
Prior to ING Canada’s withdrawal, two rating agencies, Moody’s and DBRS, were rating ING Canada. Three agencies were rating the insurance subsidiaries, Moody’s, A.M. Best and S&P’s.
“The decision was made to retain Moody’s since it was one of the two rating agencies covering ING Canada, the holding company,” Gratton says. “We also decided to maintain A.M. Best given the fact that their ratings are widely used within the industry, the brokers community and commercial clients. As a result, we withdrew from S&P’s.”

Loyalist Insurance Group Limited has reported a profit of Cdn$2.4 million for the first nine months of 2008, compared to a net loss of US$335,685 for the same period in 2007.
The company reported a net loss of Cdn$163,693 for 2008 Q3, compared to a net loss of Cdn$94,144 for 2007 Q3.