ING in Canada
ING Canada has successfully evolved into this country's largest
provider of property and casualty insurance. Although the company
did not exist by its current name until 1993, ING traces its roots
in Canada back almost 200 years.
In the late 1950s, Nationale-Nederlander, then one of the
largest insurance companies in the Netherlands, followed a large
contingent of Dutch nationals who were emigrating for Canada. In
order to serve them in their new country they acquired the Halifax
Insurance Company, founded in 1809.
Three more leading regional insurance companies were
purchased in the late 1970s - Commerce Group, Belair in Quebec and
Western Union in Alberta. With these acquisitions,
Nationale-Nederlander expanded its activities across the country.
These companies continued over the years to operate as
separate entities. Each maintained its own management group and
reported to the American head office of Nationale-Nederlander.
In 1991, Nationale-Nederlander merged with NMB Postbank to
create
ING Groep, which was at the time one
of the first bankassurance groups in the world.
Today, ING Groep ranks among the world's top financial
institutions and is active in banking, insurance and asset
management. Headquartered in Amsterdam, The Netherlands, ING Groep
operates in more than 50 countries and employs 120,000 people
worldwide.
Due to the growth of ING activities in Canada, operations
were brought together under the direction of a holding company in
1993, and thus ING Canada was born.
In 2002, Halifax Insurance Company and Commerce Group merged
to become ING Insurance Company of Canada. A year later, Western
Union also merged with ING Insurance.
2004 was a milestone year for us. Following the acquisition
of the property and casualty business of Allianz of Canada, ING
Canada launched an IPO in December and began trading on the Toronto
Stock Exchange, with ING Groep retaining 70% ownership.
Over the years, acquisitions have continued to enhance ING
Canada's organic growth, with 11 companies successfully purchased
and integrated since 1988.
Today, we are the largest provider of property and casualty
insurance in Canada with approximately $4 billion in direct
premiums written. We offer both personal and commercial insurance.
Our personal insurance business lines (automobile and property)
account for approximately 70% of our direct premiums, while
commercial insurance accounts for the remaining 30%. Automobile
insurance comprises roughly 50% of total direct premiums written
for all lines.
Approximately 90% of our products are distributed through a
nation-wide network of insurance brokers, while the rest are sold
directly to consumers through call centres and the Internet.
