A.M. Best Co. says its financial strength rating and issuer credit ratings ING Canada Group are unchanged following the announcement by the p&c insurer that its major shareholder, ING Insurance International N.V. intends to sell all of its common share holdings in ING Canada Inc.

The ING Canada Group includes Belair Insurance Co. Inc., ING Insurance Co. of Canada, ING Novex Insurance Co. of Canada, The Nordic Insurance Company of Canada and Trafalgar Insurance Co. of Canada.

The outlook for all ratings is stable, A.M. Best says.

The planned sale is expected to be completed within the next several weeks through private placement and public offering. ING Canada Inc. will not receive any proceeds from the sale of the common shares.

A.M. Best says the Group is well positioned as the market leader in the Canadian property/casualty insurance industry, the rating agency does not anticipate a significant change in capitalization or operating performance as a result of the sale.

IE