Connecticut Comptroller Urges ING Deal Delay

Connecticut State Comptroller Nancy Wyman has called for the purchase of a U.S. insurer by Dutch financial services company ING Groep be delayed until ING joins the International Commission on Holocaust-era Insurance Claims.

Wyman said the state’s insurance regulators should not approve ING’s $6.1 billion purchase of ReliaStar Financial Corp. until the company makes good on its promise to join the commission.

George Reider, Connecticut’s insurance commissioner, has said until a purchase plan is submitted, commenting on the deal would be premature. In a related story, A.M. Best has affirmed ReliaStar’s A+ financial strength ratings.

The action follows the announcement that ING and ReliaStar have reached a definitive acquisition agreement. A.M. Best views the transaction favorably as it is consistent with ING’s strategy to become a leader in the U.S. domestic life insurance and asset management business.