In a statement filed today with the SEC, ING U.S. revealed the size of a planned public offering of common stock currently held by ING Group. According to the company, ING Group seeks to sell 30 million shares, which would reduce its stake in ING U.S. from 71 percent to roughly 60 percent.
ING U.S. was previously the domestic subsidiary of Netherlands-based ING Group. An agreement reached between ING Group and the European Commission in 2009 to have ING Group focus on banking and divest itself of insurance operations after a $12.71 billion cash infusion from the Dutch government led to the IPO of its U.S. arm, which was rebranded as Voya Financial, a retirement, investment and insurance company.
The underwriters have been granted the option to purchase up to 4.5 million additional shares, which, if fully exercised, would further decrease ING Group interest in ING. U.S. to approximately 58 percent. Morgan Stanley & Co. LLC, Goldman, Sachs & Co., Citigroup Global Markets Inc., and BofA Merrill Lynch are acting as joint global coordinators for the offering.
The final date, size and offer price of the offering have yet to be determined. ING U.S. will not be issuing or selling any common stock in the transaction and will not receive any proceeds.
Guardian Life Insurance Co. recently launched a new website, www.myretirementwalk.com, aimed at helping consumers plan for retirement. Developed in collaboration with behavioral finance expert Dr. Daniel Crosby, the site offers savings and debt-reduction tips based on major life milestones, such as first job out of college, starting a family, buying a home and preparing for retirement. Though targeted for consumers, Guardian says the site can be used by financial professionals as a starting point for discussions about retirement and financial planning. “The site will serve as a powerful financial literacy and retirement planning resource for financial professionals, plan sponsors and plan participants alike,” said Doug Dubitsky, Guardian’s vice president of product management & development for retirement solutions, in a statement.
Michele G. Buck, president, North America, the Hershey Co., has been elected to the board of directors of New York Life. Her term becomes effective November 1.
As head of Hershey’s North American business, she oversees day-to-day commercial operations and building the company’s market competitiveness. Previously, Buck served at senior vice president and chief growth officer at Hershey.
NelsonHall, a global business processing outsourcing (BPO) and IT outsourcing firm, has introduced a new tool that can be used by strategic sourcing managers to assess vendor capability in the life, pensions and annuities BPO arena.
The new service, available at http://research.nelson-hall.com, is geared toward life organizations that seek to use BPO for open block customer service enhancement and speed to market, as well as entities that want to utilize BPO for closed block legacy cost reduction.
Suppliers of life, pensions and annuities BPO covered by the NelsonHall Vendor Evaluation and Assessment Tool (NEAT) include IBM, IFDS, Infosys, Serco, WNS Global Services, Capita, Dell, EXL Service, and Tata Consultancy Services.
NEAT provides a front-end vendor screening process that evaluates a vendor’s ability to deliver immediate results to the buy-side organization as well as its ability to meet the client’s future requirements.
NEAT is based on vendor and client interviews, with vendors evaluated on a wide range of criteria that establish a number of criteria, each with different weightings to represent a different business situation or client business need.