Allianz merges with Nordic Insurance Company

Allianz Insurance Company of Canada and The Nordic Insurance Company of Canada, both insurance subsidiaries of ING Canada Inc. (TSX:IIC.LV), have announced their intention to amalgamate under the name The Nordic Insurance Company of Canada. The transaction is subject to regulatory approval. ING Canada acquired Allianz Insurance Company of Canada in 2004. ING Canada president and CEO Claude Dussault credited the Allianz acquisition for ING Canada’s exceptional fourth-quarter results. “Revenue growth resulting from our acquisition of Allianz Canada combined with excellent underwriting and investment performance allowed us to achieve our best year on record,” Dussault said. The proposed amalgamation is part of ING Canada’s integration of Allianz Canada and is not expected to impact customers or brokers, ING Canada announced in a release. “Since the acquisition of Allianz Canada, customers of Allianz Insurance Company of Canada have been offered insurance and have had their claims serviced by ING Canada’s insurance companies, and this will continue to be the case,” the release says.ING Canada is the largest provider of property and casualty insurance in the country, offering automobile, property and liability insurance to individuals and businesses through its insurance subsidiaries.