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.
“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.