Strengthens position as Canada’s #1 marine insurer
July 14, 2005 – Royal & SunAlliance Insurance Company of Canada strengthened its position as the number one marine insurer in Canada with the acquisition of the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business effective September 1, 2005.
Under the terms of the agreement, Royal & SunAlliance has acquired the renewal rights to ING Insurance’s commercial ocean marine business, including hull, cargo and liability, and yacht programs underwritten through several Managing General Agents (MGA). Coast Underwriters Limited, Royal & SunAlliance’s majority owned MGA, will service the marine business, and ING Insurance’s commercial marine employees will be offered employment at Coast Underwriters.
“This is a great acquisition for Royal & SunAlliance and clearly shows that our strategy of targeted growth in areas where we have particular knowledge and expertise is working. We are already the country’s leading marine insurer and this deal further strengthens our position,” says Rowan Saunders, President & CEO of Royal & SunAlliance.
Royal & SunAlliance is a focused property and casualty insurer with a leadership position in the Canadian market.
The Royal & SunAlliance Canada group includes Roins Financial Services Limited, Royal & Sun Alliance Insurance Company of Canada, Quebec Assurance Company, Johnson Inc., Western Assurance Company, Ascentus Insurance Ltd. and is part of Royal & Sun Alliance Insurance Group plc. The Royal & SunAlliance Canada group employs more than 2,600 people and is represented by a large network of independent brokers across the country. In 2004, the Canadian Group wrote $1.4 billion in direct premiums with assets exceeding $4 billion. Internationally, Royal & Sun Alliance Insurance Group plc employs about 29,000 people and transacts business in more than 130 countries with assets of approximately $55 billion.