ING Group and Allianz Group said Friday that ING Canada has agreed to buy Allianz's property and casualty insurance operations in Canada.
Under the agreement ING would buy Allianz of Canada Inc. and its subsidiaries Allianz Insurance Co. of Canada; group insurer Trafalgar Insurance Co. of Canada; and Canada Brokerlink, a network of insurance brokerages operating in Ontario and Alberta. Allianz is to retain its Canadian industrial lines business, which is part of Allianz Global Risks. The planned transactions are subject to regulatory approval; terms of the deal were not disclosed.
If the deal closes, ING's gross written premiums in Canada would rise by about $479 million, to more than $3.2 billion. ING would also expand its network of independent distribution partners. More than 800 employees from Allianz Canada are to transfer to ING, which has a Canadian work force of more than 5,600.
ING Group in Amsterdam offers banking, insurance, and asset management to more than 60 million private, corporate, and institutional clients in more than 50 countries. Allianz Group, with its head office in Munich, sells property and casualty insurance, life and health products, asset managemen, and banking services in more than 70 countries.
