ING Canada Inc. plans to amalgamate two insurance subsidiaries into one unit.
The firm will amalgamate Allianz Insurance Co. of Canada and the Nordic Insurance Co. of Canada under the name the Nordic Insurance Co. The transaction is subject to regulatory approval.
ING Canada acquired Allianz Insurance Co. of Canada in 2004.
The proposed amalgamation is part of its integration of Allianz Canada and should not affect customers or brokers, according to ING. Since the acquisition, Allianz customers have been offered insurance and have had their claims serviced by ING Canada’s insurance companies, and this will continue to be the case, the company said in a release.