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.
