A.M. Best Affirms A+ Rating of ING Canada Group.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 23, 2001 A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of A+ (Superior) for ING Canada Group, Toronto. The group's members consist of: Commerce Group Ins. Co., Halifax Insurance Co., Nordic Insurance Co., ING Wellington Insurance Co., ING Western Union Insurance Co., Belair Insurance Co. and ING Novex Insurance Co., of Canada. This rating reflects ING Canada's leading position in the Canadian property and casualty market, its strong underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. leverage, sound liquidity and asset diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. . The rating also reflects the disciplined underwriting fundamentals which have consistently produced favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating results. A.M. Best views favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. the financial flexibility ING Canada receives as a strategic subsidiary of ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. N.V., a global organization providing integrated financial products and services in over sixty countries. In addition, ING Canada's multiple distribution channels enables it to effectively distribute its personal auto and property, commercial and specialty products through a network of 2200 independent brokers. Product distribution also benefits from ING Canada's designation of exclusive alliance brokers and lead carriers, while direct writer Belair Insurance Company sells personal auto and property policies primarily through call centers. The group's recent acquisition of Equisure, a consolidated broker, should further enhance ING Canada's distribution capabilities. A.M. Best believes that ING Group N.V., will continue to provide the necessary capital to support ING Canada's current and future business activities. ING Canada has demonstrated consistent premium growth through acquisitions and new business production, continuing its expansion into integrated financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. by transforming insurance brokers into retail financial service providers. Partially offsetting these rating strengths are the extremely competitive conditions in the Canadian property and casualty market and ING Canada's limited opportunity for organic growth. However, ING Canada remains well positioned due to its market presence, product diversity and distribution channels. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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