(MAY 19 – 16:55 ET) – A.M. Best Co. has assigned a rating of A+ (Superior) to ING Canada Group. ING Canada’s member companies are Commerce Group Insurance Co., Halifax Insurance Co., Nordic Insurance Co., Wellington Insurance Co., Western Union Insurance Co., Belair Insurance Co. and ING Novex Insurance Co. of Canada.
A.M Best said the rating reflects the group’s leading position in the Canadian property/casualty market, strong underwriting leverage, sound liquidity and asset diversification. Also reflected are the group’s disciplined underwriting fundamentals that have consistently produced favourable operating results. A.M. Best also views favourably the financial flexibility the group receives as a strategic subsidiary of ING Group N.V.
In addition, the ING Canada Group’s multiple distribution channels enable it to effectively distribute personal auto and property as well as commercial and specialty products through a network of independent brokers and call centres.
Partially offsetting these strengths are Canada’s extremely competitive conditions in the property/casualty market, the industry’s inability to achieve expense efficiencies as well as limited opportunities for organic growth. However, A.M. Best believes that ING Canada Group remains well positioned due to its market presence, product diversity and distribution channels.
-IE Staff