Royal & SunAlliance acquires ING’s commercial marine portfolio (August 01, 2005)

Royal & SunAlliance Insurance Company of Canada recently acquired the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business.

Royal & SunAlliance will control the business beginning Sept. 1, 2005.

Under the terms of the agreement, Royal & SunAlliance has acquired the renewal rights to ING commercial ocean marine business, including hull, cargo and liability and yacht programs underwritten through several Managing General Agents (MGA). Coast Underwriters Limited, Royal & SunAlliance’s majority owned MGA, will service the marine business, and ING Insurance’s commercial marine employees will be offered employment at Coast Underwriters.

“This is a great acquisition for Royal & SunAlliance and clearly shows that our strategy of targeted growth in areas where we have particular knowledge and expertise is working,” Rowan Saunders, president and CEO of Royal & SunAlliance, says.