Allianz has sold its Canadian property and casualty insurance operations to ING Canada.

The deal – subject to regulatory approval – will see ING acquiring Allianz of Canada and its subsidiaries Allianz Insurance Company of Canada, Trafalgar Insurance Company of Canada and broking network Canada Brokerlink.

Allianz will keep its Canadian industrial lines business, part of Allianz Global Risks.

The news comes four weeks after Allianz Australia MD Terry Towell said there was no truth to industry speculation that the group would sell its Australian operations.

He said he was “a little tired” of explaining that Allianz Australia is not for sale.

Jan Carendi, the Allianz board member responsible for the Americas, says the Canadian sale will allow a focus on core businesses, reduced complexity and greater support for Allianz Global Risks clients.