ING, Zurich granted regulatory approvals for strategic alliance

Date January 25, 2002
Under the terms of the alliance, announced November 22, 2001, ING will acquire Zurich's Canadian personal property and casualty insurance operations, and the two companies will focus on their areas of expertise in underwriting commercial and corporate lines. In addition, each company will now be able to offer its product lines to each other's distributors and customers.

The alliance gives ING and Zurich a combined 15% share of the Canadian P&C market. It consolidates ING's position as a leading insurer with a 12% share of the Canadian market. It also confirms Zurich's position as the industry leader in corporate and large commercial lines with a 21% share of that market.

The approvals allow the two companies to distribute their products and services through about two-thirds of Canadian brokerages. They also formalize the agreement to transfer about 1,000 Zurich employees to ING.

Amsterdam-based ING Group is a global leader in financial services, employing over 100,000 employees in more than 65 countries. In 2000, ING Group reported total income of CND $80 billion and an operational net profit of CND $5.6 billion. At the end of 2000, the group's assets amounted to more than CND $900 billion. In Canada, ING provides insurance, investment and banking services through both direct and intermediary channels. ING is currently the second largest property and casualty insurer in Canada with annual premiums of CND $2.2 billion and approximately 5,000 employees ( ). Over 4 million Canadians rely on ING for their insurance, investment and banking solutions. ING insurance companies operating in Canada include ING Commerce Group, ING Insurance Company of Canada, ING Western Union, ING Wellington, ING Novex and BELAIRdirect. ING is also active in banking and investment management through ING DIRECT, ING Funds and ING Wealth Management.

Zurich North America Canada ( ) is part of Zurich North America, a business division of Zurich Financial Services Group. It is a leader in the corporate customer market. Zurich has served the Canadian market for more than 75 years and currently employs about 600 people.

The Zurich Financial Services Group ( ) is a global leader of integrated financial services, providing its customers solutions in the areas of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on key markets, i.e. North America, the U.K., Switzerland, Europe and selected other markets where it has or can reach a competitive position. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries employing 70,000 people. In 2000, the Group achieved gross premiums of USD 50 billion. This amount includes insurance deposits as well as premiums from the Farmers P&C Group. The net income was USD 2.33 billion.

On December 31, 2000, the Group had USD 440 billion of assets under management of which USD 259 billion represent funds managed for third-party institutional and retail customers.

For further information:
Gilles Gratton, Director, Corporate Communications, ING Canada, (416) 941-5138; Terrie Dionne, Director, Corporate & Marketing Communications, Zurich North America Canada, (416) 586-2629 Return to all Press Releases