A.M. Best Co. has placed the financial strength ratings of A- (Excellent) of Allianz Insurance Company of Canada and B+ (Very Good) of its affiliate company, Trafalgar Insurance Company of Canada (both of Toronto), under review with developing implications. Both companies are member companies of Allianz Canada, which is the wholly-owned subsidiary of Allianz AG (Germany).
The current under review status reflects the pending sale of Allianz Canada to ING Canada Group (Toronto). ING Canada has a financial strength rating of A+ (Superior). ING Canada’s rating remains unaffected at this time. ING Canada is the property/casualty insurance market leader in Canada with superior capitalization, profitable operating performance and a highly respected leadership position.
A.M. Best is in the process of performing due diligence on the sales transaction and is in regular discussions with ING’s management. A.M. Best will finalize the ratings on the companies upon the completion of the sale.