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ING Canada acquires Allianz of Canada

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ING Canada Inc.

On December 8, 2004, ING Canada Inc. completed its acquisition of Allianz of Canada, Inc. from Allianz AG and Allianz of America, Inc. Allianz of Canada, Inc.'s subsidiaries include Allianz Insurance Company of Canada, Trafalgar Insurance Company of Canada and Canada Brokerlink, a network of insurance brokerages operating in Ontario and Alberta.

ING Canada Inc. is Canada's largest property and casualty insurer based on direct premiums written in 2003. As a result of the acquisition, ING's gross written premiums in Canada will increase by approximately Canadian $600 million to reach more than Canadian $4 billion. The purchase price was approximately Canadian $370 million, financed by a facility from Royal Bank of Canada which was repaid out of the proceeds of an initial public offering of shares of ING Canada Inc.

ING Canada Inc. was represented in-house by Françoise Guénette, Gordon Manning and Nina Mapara and externally by the Toronto office of Fasken Martineau, with a team that included Robert McDowell, Stephen Kerr, Koker Christensen and Scott Mitchell (M&A); Robert Elliott and Karen Hauser (regulatory); Kathleen Hanly and David Robertson (tax); Douglas New and Aaron Stefan (competition); Ian Kyer, John Beardwood, Anita Huntly and Andrew Alleyne (technology); May Cheng and Andrea Kokonis (intellectual property); Ralph Nero and Maria Giagilitsis (labour and employment); Peggy McCallum and Ross Gascho (pensions and benefits); Gerald Ranking (litigation); Paul King (real property); Andrew Laidlaw (banking) and Rosalind Cooper (environmental).


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