Transamerica Acquisition of ING's Canadian Insurance Unit

Transamerica Life Insurance Company of Canada announced on January 11, 2000 the acquisition of N N Life Insurance Company of Canada, the Canadian life insurance arm of Dutch financial colossus ING Group. Interestingly, Transamerica is owned by Aegon NV, also a Dutch company, and ING’s biggest rival. N N Life, with 250 employees, has approximately $3 billion in assets including $1.6 billion in segregated funds. The acquisition will move Transamerica Canada into the number one position in Canada in terms of sales of individual life insurance and segregated funds. Transamerica’s general counsel, Glenn J. Daniels, called on its regular counsel, Blake, Cassels & Graydon LLP, to assist in the transaction. The Blakes team was led by Greg Frenette; Andrea Vabalis was responsible for commercial matters, Dawn Jetten for regulatory issues and Paul Tamaki for tax matters. Mary Jane Stitt, Jeremy Forgie, Lisa Abe and Neil Blue also played major roles. ING was represented by a Fasken Martineau DuMoulin team led by Robert W. McDowell.