ING to continue to provide coverage to individual yacht owners
ING Canada (TSX-IIC.LV) announced today that Royal & SunAlliance Canada (R&SA) has acquired the renewal rights of ING Insurance Company of Canada's $13-million commercial marine insurance business, effective September 1, 2005.
Under the terms of the agreement, R&SA has acquired the renewal rights to all ING Insurance's commercial ocean marine insurance business, which includes hull, cargo and liability insurance as well as yacht programs underwritten through several Managing General Agencies.
ING Insurance will however continue to provide insurance to individual yacht owners as part of their home or cottage coverage.
“Our decision to offer the renewal rights of our commercial marine portfolio to R&SA will allow our brokers and their clients to benefit from the expertise and capabilities of the leading provider of marine insurance in Canada”, said Don Lough, Executive Vice President for ING Canada. This transaction, said Lough, will also enable ING Insurance to further concentrate its activities on its core personal and commercial insurance markets.
About ING Canada
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 ING Insurance and other subsidiaries.
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