| Mike's Comments |
Apr 17, 2009ING Insurance becomes Intact Insurance: The worldwide changes happening to the financial sector continue to unfold at a stunning pace. A recent development has led ING Group to sell its shares in ING Insurance Company of Canada as a way to raise capital for their operations. With this change the former ING Insurance Company of Canada becomes Intact Insurance and is an entirely separate entity from the ING group of companies. We view this as a positive development because it means that one of the largest Insurance Companies in Canada is now wholly owned by Canadians. Intact Insurance is traded on the Toronto Stock Exchange and is widely held, meaning there is no shareholder with a 'controlling' interest. The fact that the shares sold by ING Group were immediately oversubscribed means that there was a stong demand for the shares - a real vote of confidence in a company that is well run, well capitalized and has no debt. We will continue to work closely with them to give our customers the best coverage at a competitive price. If you have any questions about this change, please don't hesitate to give us a call. Michael Stuart, BBA, FCIP, CRM, CAIB Grant, Jones & Stuart Insurance Brokers |