ING Canada Inc. announced on Monday that it and its ING Insurance Co. of Canada subsidiary will undergo name changes and operate under the Intact Financial Corp. and Intact Insurance Co. brand names, respectively.

The name changes follows on the heels of last week’s closing of a $2.2-billion private placement and secondary offering whereby institutional and retail investors acquired ING Groep’s ownership interest in ING Canada, transforming the Canadian subsidiary of the Netherlands-based banking and insurance giant into an independent Canadian-listed and widely-held company.

ING Canada, the holding company, will be renamed to Intact Financial later in May, following the approval of the name change by its shareholders. The name change of ING Insurance to Intact Insurance will take effect over the coming weeks.

ING Canada has a proven track record of long-term industry outperformance. In 2008, its operations generated $620 million in cash and; at the end of the year, the company had $427.5 million in excess capital, a minimum capital test of 205% and no debt

“By becoming a truly Canadian and independent organization, we have the unique opportunity to launch a new brand that speaks to what consumers are looking for from an insurance company, and a brand that reinforces our customer orientation,” said president and CEO of ING Canada, Charles Brindamour, of Monday’s news announcing ING Insurance’s name change.

Intact Insurance will roll out in the upcoming weeks a comprehensive re-branding, marketing and advertising campaign across the country that will also benefit its network of 1,800 insurance brokers across the country.