What’s New: In Brief (May 15, 2009)

ING Canada has officially become Intact Financial Corporation, after shareholders approved the name change.  The name change reflects the acquisition on February 19 by institutional and retail investors of all the shares held by ING Groep in the company, Intact Financial Corporation said in a release.As a result of these transactions, ING Canada became an independent and widely-held Canadian company, without any ties to its previous majority shareholder.“Our new name says it all,” Charles Brindamour, president and CEO, said in a release. “Intact is not only an affirmation of a new corporate identity; it is a reflection of our promise to get our customers back on track. As we proceed on our journey, we will continue to take the company to new levels by taking full advantage of our solid operating platform, our financial position and our strong team.”

Standard & Poor’s Ratings Services has lowered its long-term counterparty credit and senior unsecured debt ratings on Kingsway Financial Services Inc. (TSX: KFS) to ‘B-‘ from ‘B’. At the same time, Standard & Poor’s (S&P) removed its ratings from CreditWatch with negative implications, where they were placed Feb. 10, 2009. The outlook is negative, according to an S&P’s release.”The downgrade reflects Kingsway’s weak first-quarter 2009 results and the continued deterioration and lack of stability surrounding its business franchise,” Foster Cheng, S&P’s credit analyst, said in the release.