ING Canada announced today that Royal & SunAlliance Canada has acquired the renewal rights of ING Insurance Co. of Canada’s $13-million commercial marine insurance business, effective September 1.

Under the terms of the agreement, Royal & SunAlliance has acquired the renewal rights to all ING Insurance’s commercial ocean marine insurance business, which includes hull, cargo and liability insurance as well as yacht programs underwritten through several managing general agencies.

ING Insurance says it will continue to provide insurance to individual yacht owners as part of their home or cottage coverage.

“Our decision to offer the renewal rights of our commercial marine portfolio to Royal & SunAlliance will allow our brokers and their clients to benefit from the expertise and capabilities of the leading provider of marine insurance in Canada,” said Don Lough, executive vp for ING Canada.

“This transaction will also enable ING Insurance to further concentrate its activities on its core personal and commercial insurance markets,” Lough said.

Coast Underwriters Ltd., 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,” said Rowan Saunders, president & CEO of Royal & SunAlliance.