ING Canada (TSX : IIC) announced today that ING Insurance Company of Canada, the country’s largest home, auto and business insurer will become Intact Insurance Company and will operate under the Intact Insurance brand name.
The name change follows on the heels of last week’s closing of a $2.2 billion private placement and secondary offering whereby institutional and retail investors acquired ING Groep’s ownership interest in ING Canada, transforming the Canadian subsidiary of the Dutch banking and insurance giant into an independent Canadian-listed and widely-held company.
“By becoming a truly Canadian and independent organization, we have the unique opportunity to launch a new brand that speaks to what consumers are looking for from an insurance company, and a brand that reinforces our customer orientation”, said the President and CEO of ING Canada, Charles Brindamour.
“Our new name is not about us, about our financial strength or about our leadership position in the industry”, said Louis Gagnon, President of Intact Insurance. “It is about our promise to our customers, helping them get back on track when an unforeseen event occurs. We are here to protect the things customers care about: their home, their car, their business. Sure there are things that no insurance company can restore: the memories, the mementoes and the sentimental attachment to what they lost. That’s why all of us at Intact Insurance are committed to providing our customers with an outstanding experience in getting them back to normal. Insurance is not about things; it is about people, about people who lose something they care about. Our new name is our promise.”
Intact Insurance will roll out in the upcoming weeks a comprehensive re-branding, marketing and advertising campaign across the country that will also benefit its network of 1,800 insurance brokers across the country.
The company has a history of customer-driven innovations such as its Claims Service Guarantee, whereby it guarantees that within 30 minutes of reporting a claim, its customers will be talking 24/7 to a representative that will provide emergency support and advice, contact suppliers and make payments for emergency expenses or repairs. If they fail to do so, Intact Insurance will write a cheque to their customer in the amount of their annual premium up to a maximum of $1,000.
With its Rely Network Guarantee, Intact Insurance also guarantees the quality of the work and repairs of its vast network of suppliers, body shops and contractors. With its Responsible Driver Guarantee, Intact Insurance has also minimized over the years some of the irritants usually associated with claims, by waiving the traditional premium increase in the year following a loss.
ING Canada Inc., the holding company, will be renamed Intact Financial Corporation later in May, following the approval of the name change by its shareholders. Its TSX ticker will also be changed from IIC to IFC. ING Canada has a proven track record of long term industry out-performance. In 2008, its operations generated $620 million in cash and, at the end of the year, the company had $427.5 million in excess capital, a minimum capital test of 205% and no debt.
About ING Canada and Intact Insurance
ING Canada is one of the 60 largest Canadian publicly-traded companies with a market capitalization of more than $3.3 billion. Its 6,700 employees offer home, auto and business insurance under the Intact Insurance, belairdirect and Grey Power brands.
Intact Insurance is the largest insurance company in the country providing property and casualty insurance products and solutions to individuals and businesses through a network of more than 1,800 locally-based insurance brokers coast-to-coast.
Return to all Press Releases