ING Group and Allianz Group announced today that ING Canada has concluded a definitive share purchase agreement for the acquisition of Allianz’s property and casualty insurance operations in Canada.

Under the terms of the agreement, ING will acquire Allianz of Canada Inc. and its subsidiaries Allianz Insurance Co. of Canada, group insurer Trafalgar Insurance Co. of Canada as well as Canada Brokerlink, a network of insurance brokerages operating in Ontario and Alberta.

Allianz will retain its Canadian industrial lines business, which is part of Allianz Global Risks (AGR). These transactions will be subject to regulatory approvals.

As a result of the acquisition, ING’s gross written premiums in Canada will increase by approximately $600 million to reach more than $4 billion.

ING will also expand its network of independent distribution partners. More than 800 employees from Allianz Canada will transfer to ING, which currently has a workforce of more than 5,600 employees across the country. Also involved in the transaction are Canada Brokerlink’s 525 employees.

According to ING, the Allianz acquisition with its portfolio of personal and small to medium commercial lines business reinforces ING’s position in its preferred segments of the market.

“The acquisition allows us to continue expanding our activities within the P&C insurance industry, especially in Ontario and Alberta”, said Claude Dussault, president and CEO of ING Canada, in a release. “As we increase the scale of our activities, we will also be in a better position, in collaboration with our distribution partners, to improve our offering of innovative solutions to consumers,” he added.