In a major reshuffle of its
US operations, ING Group has announced that Rodney O Martin Jr is
to take up the position of CEO of ING Insurance US. Martin will
replace current ING US CEO Rob Leary who will become the unit’s
chief operating officer and president.
Martin, who will report to
ING Group CEO Jan Hommen, will join ING US from American
International Group where he has occupied the position of chairman
of its International Life and Retirement Services unit.
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“Rod is an outstanding
veteran of the US insurance industry and his appointment
constitutes an important building block to the preparation of a
successful IPO [initial public offer] of ING’s US insurance and
investment management businesses,” said Hommen.
“The combination with Rob
Leary as a results-oriented leader provides us with a strong
management team capable of taking these leading businesses forward
in their standalone future.”
Separate IPOs are planned for
ING Group’s European and US insurance operations as part of the
Dutch company’s radical restructuring which has already seen the
formal separation of its banking and insurance
interests.
In the fourth quarter of
2010, ING Insurance US recorded total income of €3.69bn ($5.17bn).
This represented 43.6% of ING’s total insurance revenue of
€8.56bn.
