A.M. Best Co. has affirmed the financial strength rating of A+ (Superior) for ING Canada Group. The group’s members include 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.

The ratings agency says this rating reflects ING Canada’s leading position in the Canadian property and casualty market, its strong underwriting leverage, sound liquidity and asset diversification. The rating also reflects the disciplined underwriting fundamentals, which have consistently produced favorable operating results. A.M. Best views favorably the financial flexibility ING Canada receives as a strategic subsidiary of ING Group N.V., a global organization providing integrated financial products and services in over sixty countries.

The agency says 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.

According to A.M. Best, product distribution also benefits from ING Canada’s designation of exclusive alliance brokers and lead carriers, while direct writer Belair Insurance Co. 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 says the ratings service.

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 by transforming insurance brokers into retail financial service providers.

Although A.M. Best recognizes the extremely competitive conditions in the Canadian property and casualty market and ING Canada’s limited opportunity for organic growth, it says that ING Canada remains well positioned due to its market presence, product diversity and distribution channels.