ING Moves To Integrate ReliaStar Units

September 7, 2000

Less than a week after finalizing its acquisition of ReliaStar, Holland’s ING Group is moving swiftly to integrate its U.S. operations.

On Wednesday it announced that “ING Reinsurance is joining with ReliaStar Reinsurance Group to form ING Re (USA.” It will offer “individual and group life, medical, managed care, special risk, workers’ compensation and disability reinsurance products, services and expertise.

Jess A. Skriletz, General manager and CEO of ING Re stated, “We are creating an organization that will serve our clients even better than ever with the combined expertise on the group and individual sides.” He stressed ING’s and ReliaStar’s essential compatibility in goals and approach.

In the finance field ING launched a “major re-branding program” with the renaming of ReliaStar’s Pilgrim Capital as ING Pilgrim. One of the fastest growing Mutual fund companies in the U.S., Pilgrim has more than $20 billion in assets under management.

In an unrelated move ING also announced the “opening” of the U.S. branch of its on-line banking service ING DIRECT, which already operates in Europe. Clients will be able to open savings accounts, buy certificates of deposit, and arrange loans and home mortgages on-line from the federally chartered savings bank.

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